In a Positive Week, the Global Crypto Market Cap Sees Growth
The global crypto market cap experienced a 2.12% increase over the week, rising from $1.41 trillion to $1.44 trillion. Notable movements were observed in Bitcoin (BTC), Creditcoin (CTC), and Oasis Network (ROSE).
BTC Achieves New Yearly Peak
Bitcoin’s recent movements had a significant impact on the broader crypto market. The asset started the week positively but faced pressure from bears due to reports of Binance’s legal troubles. This triggered a BTC price collapse, breaking two major support levels.
However, BTC quickly recovered the following day, erasing all losses caused by the Binance news and even achieving a slight increase. On November 24, Bitcoin reached a new yearly high of $38,414. Although it couldn’t sustain this level for long, BTC remains bullish, trading above the 50-day and 200-day EMAs.
CTC Surpasses 200-day EMA
Creditcoin also benefited from the bullish run this week. After facing a decline on November 21, CTC experienced a more pronounced recovery compared to Bitcoin. It surged by 9.09% the next day and continued its rally, crossing above the 200-day EMA for the first time in nine months.
Despite a minor drop on November 25, Creditcoin remains above both the 200-day EMA and the 50-day EMA. It has gained 23% throughout the week.
ROSE Reaches Nine-Month High
Oasis Network initially experienced bearish movements at the beginning of the week. However, it quickly recovered from losses and continued an upward trend. ROSE surged by 14.57% from November 24 to 26, reaching its highest price in over nine months.
To maintain stability, ROSE needs to hold above the $0.0764 support level. On the other hand, conquering the Fib. 618 level at $0.0854 would signal bullish continuation.
Hot Take: Positive Momentum Drives Crypto Market Growth
This week has been largely favorable for the crypto market, with notable gains in Bitcoin, Creditcoin, and Oasis Network. Despite temporary setbacks and market-wide declines triggered by external factors, these assets have shown resilience and positive momentum.
Bitcoin’s ability to recover quickly from losses and achieve a new yearly peak demonstrates its strength as the dominant crypto asset. Similarly, Creditcoin’s surpassing of the 200-day EMA after a long period of trading below it indicates a significant upward movement. Additionally, Oasis Network’s impressive recovery and reaching a nine-month high highlight its growth potential.
Overall, these developments reflect the ongoing bullish sentiment in the crypto market and suggest a promising outlook for investors and traders.