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Bitcoin's 6-Week Surge, Ethereum Holds Steady Amid Market Swings

WEEKLY WATCH - Bitcoin Continues 6-Week Surge, Ethereum Maintains Stability Amid Market Fluctuations

Nov 27, 2023
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Crypto markets witness price volatility across major currencies and altcoins.

In the midst of economic uncertainties, the cryptocurrency market has been experiencing mixed signals in the past week, with Bitcoin reaching a new yearly high and some altcoins following suit, while others suffered losses.

Bitcoin (BTC) has seen its price rise for the sixth consecutive week, reaching a new annual high of $38,437 on November 24 before experiencing a slight drop. The current price of Bitcoin is $36,815.96, with a 24-hour trading volume of $18.728 billion. This represents a price decrease of 1.33% in the last 24 hours and a 1.61% decrease over the last week. With a circulating supply of 20 million BTC, Bitcoin’s market cap stands at $719.915 billion.

On the other hand, Ethereum (ETH) experienced a price drop after failing to reach a new annual high on November 24. Despite this, ETH has managed to stay above the $2,000 mark, currently priced at $2,020.05. The 24-hour trading volume for Ethereum is $17.489 billion, marking a price decrease of 2.14% in the last 24 hours and a 1.04% decrease over the last week. With a circulating supply of 120 million ETH, Ethereum’s market cap is $242.601 billion.

In the altcoin market, TerraClassicUSD (USTC) stands out with a weekly rally of 428.7%. Other notable performers include Uniswap (UNI) with a 16.5% increase and Blur with a 53.3% increase. On the downside, the worst performers of the last week include Polygon (-13.6%), Solana (-9.6%), and BNB (-9.3%).

As of writing, the global crypto market cap has fallen to $1.41 trillion, a 24-hour decline of 1.9%. The total trading volume of cryptocurrencies in the last day is $69.3 billion. Bitcoin’s dominance stands at 49.4%, while Ethereum’s dominance is at 16.7%.

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