Crypto Markets Turn Red While BTC Fails to Impress Below $8,500
Cryptocurrency markets are mostly showing red candlesticks while Bitcoin price struggles below the $8,500 mark.
Friday, Nov. 15 — Crypto markets are mostly showing red candlesticks, while Bitcoin (BTC) fails to impress as it crawls its way below the $8,500 price point.
Cryptocurrency market daily overview. Source: Coin360
For most of the day, the world’s largest cryptocurrency has been trading within a tight range between $8,700 and $8,600, while taking a sudden swing below the $8,500 price mark during recent hours. Bitcoin is currently trading at a price of $8,480, showing a loss of 1.85% on the day.
Bitcoin daily price chart. Source: Coin360
Despite Bitcoin’s continued struggle to reach higher highs, Tom Lee, renowned Bitcoin bull, co-founder and Wall Street strategist at Fundstrat Global Advisors, said that he believes that Fundstrat’s $25,000 by 2022 forecast for Bitcoin is still “quite easy to achieve.” He said:
“Cryptocurrencies are network value assets, meaning the more people hold the asset, the greater the value. In fact, it’s a log function — so if you double the users hold it, you get a quadrupling of value. To go to $25,000 you essentially need a little less than 4x rise, which means you need to double the number of people who hold Bitcoin.”
Ether (ETH), meanwhile, is currently sitting at $180 per coin. The number one altcoin has been trading in perfect sync with BTC, showing downward price behavior leading to its current trading position, courtesy of a loss of almost 3% on the day.
Ether 7-day price chart. Source: Coin360
XRP, the third-largest coin by market capitalization, is no exception to today’s trend of red candlesticks and has been consistently losing ground in the past few days. The token sits at around $0.261 per coin, down 3.20% on the day at press time.
According to regular Cointelegraph contributor Rakesh Upadhyay, XRP price is in danger of dropping to the next support at $0.24508. Upadhyay said that if this support holds, the altcoin will remain range-bound between $0.24508 and $0.31491 for a few more days. However, if the support cracks, a drop to $0.22 is likely.
XRP 7-day price chart. Source: Coin360
It’s a red day for the top 20
Most of the top 20 coins are showing red candlesticks, with Tezos (XTZ) taking the title of biggest loser, showing a loss of more than 5% on the day. Monero (XMR) follows closely with a similar loss on the day, and is trading at $62.5 per coin.
The only exception is Cardano (ADA), the 12th largest cryptocurrency by market cap, up 2.5% in the last 24 hours.
The overall cryptocurrency market cap currently sits around $232.7 billion, with Bitcoin making up 65.9% of the total.