Amidst another pre-halving bullish sentiment, Bitcoin has set up as a leader of November so far. With the minimum of price dips, it rallied through the month with an uprising trend and finished up scoring the highest of $37,978.
The tides yet turned with BTC hovering down by 2.53% to 34,999 for the last 24-hours. But the market did not turn all red with the altcoin climbers that managed to get through a major price decrease.
In the write-up, we’ll outline the reasons behind BTC’s downsurge, market reaction to it, and possible outcomes for the end of the year. Stay tuned!
TL;DR
- BTC dropped to $34,999 while later recovering to $36,000 range. The whales are mainly in charge of the dip, hinting that $38K could have been the highest price of Bitcoin within a short-term period.
- Polygon (MATIC) rallies to become 11th largest crypto with 80% month growth so far.
- WhiteBIT Coin (WBT) unlock set the coin onto a bullish trend, with a $5.652 highest price.
- Solana (SOL) is showing consistent bullish sentiment, surging by 80% this month.
Bitcoin Whales Are In Charge
As BTC surged to almost $38K and Ethereum pumped up to $2100 in momentum, the thrill of the bull run started to take over the crypto community. Just immediately Bitcoin returned to its moderate flow by dumping to $35,779.
For less than a week, BTC has been indicating its regular pre-halving pattern, staying in the $36,000-$37,000 range with slight price dips.
The trend switched as Bitcoin abruptly dropped to $34,999. For a better part of the crypto community, such a move turned out to be out of the blue amidst bull run anticipation.
No doubt this downfall became the main target for analysts in the recent days. And they seem to have worked the things out.
Namely, Ali, a reputable analyst, in his post for X claims that the whales have been actively booking profits for the last week, causing BTC price dip. According to him, large investors have already sold or redistributed 60,000 Bitcoin worth $2.22 billion
The whales’ moves can also be a sign of something else. While their BTC sell seems to be a firm tendency, $38,000 can be the highest price Bitcoin could have achieved within a short-term period.
Another core of crypto – Ethereum – followed in BTC steps and decreased to $1934.40 price just at the same time with it.
Still, the bullish sentiment has not been gone for long. Since the dump took place, Bitcoin and Ethereum were set for a recovery. That is, BTC has swiftly increased to $36,558.67 and is currently trading in this range with price dips as low as $36,200. Meanwhile Ethereum managed to score $2098.83 after an abrupt downfall to $1950 rate.
MATIC Hits 2023 Milestone While WBT-Unlock Takes Place
Regardless of the bearish BTC and ETH patterns, the native token of Polygon L2 Blockchain – MATIC – managed to thrive. It has become one of the biggest winners in the crypto market resurgence that started in October. For the recent month, it added almost 80% in its price, according to the CoinMarketCap. On November 14, MATIC hit the highest of $0.93, surging by 5%.
Owing to a decent 30-day upsurging, MATIC market capitalisation reached $8,661,484,313 as of time of report. This puts the asset on the eleventh position among largest cryptocurrencies. By far, Polygon has outpaced UNI, DOT, LINK, and other major altcoins.
Due to the recent surge, the token has now equaled the performances it last saw earlier this year in May. However, the current price still remains below the February peak price of $1.5256, which has the MATIC community wondering if the token could equal that feat.
It bears mentioning that the token has equally benefited from the Bitcoin-ETF-fueled rally. Notably, the broader crypto recovery came on increased speculations regarding a spot Bitcoin ETF approval by the U.S. Securities and Exchange Commission.
Still, since November 16, it has started its way down with the most recent price of $0.80 and marketcap of $7,474,332,312, moving it two points down in CoinMarketCap top cryptocurrencies rating.
Meanwhile, another utility coin – WhiteBIT Coin (WBT) – was set on a bullish rails amidst regular assets unlock. Fueled by the Bitcoin rally, the coin hit the highest price of 5.652 on October 25. From that time, it remained in the $5.4-$5.5 range.
As of time of the report, WBT is indicating slight bullish sentiment, spurred by an upcoming activity, dedicated to WhiteBIT 5-year anniversary. While the users are eager to earn the reward, WhiteBIT Coin’s supply is showing more active distribution on the balances and exchange wallet.
Solana Breaking the Limits
WBT and MATIC are not the only outperformers of the fall. What truly staggering is the Solana uprising.
Since October 16, SOL has been indicating a strong bullish trend that boosted in the recent weeks. On November 11, the coin skyrocketed to $63.97. After a number of price dips, it scored another highest price of $64.11 on November 15, summing up the total month growth rate for 181.41%.
As of time of report, SOL has also significantly decreased in price, summing up the bearish sentiment with $57.04 against USD.
Disclaimer: As market volatility raises the bets, remember to stay cold-headed and to always do your own research. Perceive this article as a base for your scrutiny, but not financial advice. Trade safe.