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Bitcoin settles above $60,000 with expectation to continue climbing?
Bitcoin prices stabilized today to trade around the $61,500 range after experiencing a period of volatility following the news from the US, while some cryptocurrencies have also fallen since yesterday.
The total market capitalization of cryptocurrencies today has lost about $40 billion, though, and it is still well above $2.7 trillion.
Bitcoin performance over the past 24 hours
At the beginning of this November, the leading cryptocurrency fell below the psychological support level of 60 thousand dollars, but it did not last long, and quickly reversed its direction to the top, surpassing the price of 62 thousand dollars, but after a small decline it jumped to its highest levels since mid-October last at 64500 dollars.
However, it could not sustain its upward momentum and quickly stopped rising to near the $63,000 level, especially after the Fed’s decision to start tapering its stimulus program.
Over the course of yesterday’s trading, the leading currency lost around $3,000 to hit again at $60,000, but quickly rebounded and is currently trading in the $62,500 range.
The total market capitalization of the benchmark currency is above $1.150 trillion, and despite this, its dominance over other cryptocurrencies has fallen to 43%.
Will November see a new rise?
Historical data has shown that November was the highest month for Bitcoin, so many are wondering whether the currency will achieve historic highs during this month? In fact, most market experts expect the leading currency to continue its amazing gains and is likely to set new records that may seem To many surprising and amazing.
After the month of September, which inflicted Bitcoin with moderate losses of about 7%, everyone was optimistic about the month of October, as they expected it to record records. The October coin is up more than $61,000, thus posting a monthly gain of around 40%.
These gains came in light of positive news supportive of the crypto market, which included good statements by Federal Reserve Chairman “Jerome Powell” and Chairman of the Securities and Exchange Commission “Gary Gensler”, where they confirmed that they would not ban Bitcoin, in addition to the approval of the Securities and Exchange Commission. The launch of futures traded fund backed by bitcoin.
Historical data shows that November is the best performing month for Bitcoin with an average ROI of 66%, which adds to the pressure on this month.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.