It was an interesting and positive week for the cryptocurrency market. It should be noted that trading activity is gradually returning to the crypto market, as on November 6, the main cryptocurrencies such as Bitcoin cash, Ripple, Ether, switched to growth in the range up to 5 percent. After such growth in market activity as quotes entering new price levels, the market failed to consolidate at new levels and expectedly declined, however, if we consider the monthly dynamics, November remains a positive trading month, Bitcoin and Ether prices are traded above the price levels above at the beginning of the current month .
However, the rise in Bitcoin price is not yet confirmed by the growth of market capitalization. And this situation continues to be the main isue and alarming sign. Since November 7, the market crypto capitalization has decreased by $ 6 billion from $ 220 billion to $ 214. On Friday, the total market capitalization amounts to 213 billion dollars. Bitcoin capitalization of 111 million dollars, a decline of -1.22% in the last 24 hours.
The main intrigue in the crypto market concerns not the new price levels and not a weak growth of capitalization. The question is how to assess these positive sentiments and the return of market activity. Recently, information has begun to circulate in the crypto community that bitcoin is preparing for the pre-New Year rally. The growth of trading activity and the return of the market to important levels may confirm these expectations. However, from a technical point of view, only Bitcoin’s overcoming $6,700 level which is strategic resistance zone will highlight the return positive technical sentiment. For the ether, this strategic zone is around$ 220.
In any case, a noticeable surge in bitcoin and other major crypto assets, such as Ripple and Ether, is a sign of increasing positive for medium-term market outlook.