It goes without saying that Bitcoin, once again, shocked the world last week when it surged with 42% in less than 24 hours. However, with that event behind our backs, Bitcoin’s volatility has been declining.
After touching $10,350 last week, the price corrected and is currently around $9,200. It appears that the cryptocurrency is locked in a fairly tight range and we haven’t seen any notable price movements during the week. This is exactly why it might be the case that Bitcoin is, once again, setting the stage for a big move.
It’s worth noting that Bitcoin’s price is slightly above the significant 200-days moving average line, as Cryptopotato reported. However, it’s also worth noting that the MA line is creeping up slowly, which suggests that the current price levels are fairly fragile.
Total Market Capitalization: $246 billion | Bitcoin’s Market Capitalization: $166 billion | BTC Dominance: 67.4%
Major Crypto Headlines
Despite BitMEX’s Bad Day, Bitcoin Withdrawals Are Processed Normally. A couple of days ago, one of the most popular Bitcoin margin trading exchanges, BitMEX, went through quite the turmoil. First, the company revealed the emails of a number of users because of a mistake. A few hours later, its official Twitter account was compromised. However, everything ended quickly and despite the “threats”, all transactions were processed regularly.
Bitcoin’s Whitepaper Is 11 Years Old Today: What Has Been Developed Since? On October 31st, Bitcoin’s whitepaper turned 11 years old. It’s very interesting to take a closer look at how the network has developed since then and also what are the other major milestones that Bitcoin managed to go through during that time.
Craig Wright Running Low on Cash? Fails to Pay Settlement in Landmark Bitcoin Lawsuit. Craig Wright may be running low on cash because he has failed to finance his court settlement which was negotiated with the Kleiman estate. Now that the settlement is off, the case and its proceedings are back on. It’s interesting to monitor the development of this trial as it involves large sums of bitcoin and other claims.
The Biggest Winners and Losers
ILCoin is up 71% in the past 24 hours alone. The gains are not only against the USD, but against Bitcoin as well, where the cryptocurrency managed to increase by 69%. Its current market cap sits at $44 million. It’s worth noting that on November 12th, ILCoin will be suspending deposits and withdrawals on all exchanges until it updates its source code.
KAVA is another cryptocurrency that has been on a positive run throughout the past 24 hours. It’s up around 25% against the USD and more than 27% against Bitcoin. The project recently had its IEO on Binance Launchpad. However, perhaps probably more importantly, it’s going to launch its mainnet on November 5th. This could be part of the reasons for which the cryptocurrency is surging.
Algorand is the cryptocurrency that lost the most value over the last day from the top 100 list. It’s down 6 percent against the USD and 5% against Bitcoin. Its total market capitalization is currently around $108 million. Most of the trading volume during today’s session is coming from HotBit.