Crypto Roundup: Bitcoin Surges to $93.5K, Ethereum Eyes $3.4K, and TON Grows Through New Collaborations
In Brief
This week's spotlight on the cryptocurrency scene illustrates an extraordinary week for Bitcoin as it shattered the $93,000 milestone. Ethereum is maintaining its growth despite some obstacles, and TON is actively enhancing its ecosystem through strategic partnerships, all of which are supported by a mix of technical analysis and overarching economic influences shaping the crypto arena.
Bitcoin News & Macro
This week, Bitcoin broke records by surpassing the impressive threshold of $90,000 on November 12. This surge was propelled by a myriad of economic factors and the excitement surrounding the election of a pro-crypto U.S. administration led by Donald Trump.
Institutional players made a significant impact, contributing a whopping $2.6 billion into Bitcoin ETFs in just one week. This influx has sparked predictions that Bitcoin could reach a six-figure price point before the year's end.
Source: CryptoQuant
Midweek heralded a new all-time high for Bitcoin at $93,500. However, the ascent wasn’t without its hurdles, as miners capitalized on their profits, selling more than 25,000 BTC on November 14, which created momentary selling pressure.
Source: BusinessWire
Nonetheless, the bulls remained unfazed. Companies like MicroStrategy upped their stakes by adding $2 billion worth of Bitcoin to their treasury, now approaching holdings of 280,000 BTC. This trend underscores an increasing conviction that Bitcoin is not merely a safeguard but a fundamental asset for the future.
Source: Federalreserve.gov
Comments from Federal Reserve Chair Jerome Powell regarding the need to maintain high interest rates caused a brief slowdown in Bitcoin's momentum. However, renewed optimism surrounding crypto-friendly policies from the new administration quickly restored confidence. There’s a growing discussion about Bitcoin potentially being recognized as a crucial strategic reserve asset.
As Maksym Sakharov, co-founder of WeFi, stated, 'The digital currency market has rebounded to its pre-pandemic heights, now valued around $3.2 trillion, with Bitcoin’s ascent past $93,000 at the forefront of this growth.'
'This surge isn't merely a product of excitement,' Sakharov continued. 'Bitcoin’s capped supply, its deflationary characteristics, and the increasing appetite for Bitcoin ETFs are creating a robust foundation for this valuation. Altcoins aren’t just riding Bitcoin’s coattails; they are developing their own unique ecosystems. Ethereum is solidifying its position in the DeFi sector, Solana is pioneering the memecoin movement, and Chainlink continues to advance real-world asset tokenization via CCIP.'
However, challenges do remain, Sakharov warns. 'The cryptocurrency market is inherently volatile, and significant corrections will always be a risk. The sector isn't devoid of overly hyped ventures and bad actors, making some investments fraught with high risks and low rewards. Yet, we’re observing a shift. With clearer regulations and a pro-crypto administration in the U.S., we are entering a transformative era. Mass adoption and backing from institutions are advancing the market significantly. Bitcoin may be leading, but this momentum is redefining the whole crypto ecosystem.'
BTC Price Analysis
Given this context, it's worthwhile to examine the charts. On the daily chart, Bitcoin is in full breakout mode, easily surpassing the resistance level of $90,000. We’re experiencing robust and consistent upward movement, with minimal disruptions.
BTC/USD 1D Chart, Coinbase. Source: TradingView
Clearly, buyers have taken charge, and the 20 EMA is functioning like a launchpad, keeping the price well above critical levels. The 50 EMA is trailing significantly behind, showcasing the strength of the current trend. With daily closes consistently climbing and the $90,000 mark acting as a focal psychological and technical support, all indications point to bullish sentiment. The initial breakout past $89,000 secured the upward momentum, and currently, there is no discernible selling pressure to derail this trend.
BTC/USD 4H Chart, Coinbase. Source: TradingView
On the 4H chart, the situation becomes even more compelling. The breakout above $89,000 earlier this week set the tone, followed by a distinct bullish flag that resolved positively to around $92,000. The 50 EMA has proven resilient during dips, solidifying the dominance of buyers, while the RSI has cooled enough to prevent an overbought scenario, suggesting there is still room for further gains. The $89,600 weekly open became a crucial battlefield. Repeated testing transformed it into a reliable support base, allowing the rally to sustain itself above $91,000. The mid-week consolidation above $91,000 wasn't a stall; it was accumulation, likely driven by major players.
If this momentum persists, we could see $96,000 within reach shortly. Bitcoin is in control of the narrative, and right now, it’s a straightforward path forward.
Ethereum News & Macro
Ethereum also had a tumultuous week, primarily benefiting from bullish ETF inflows while navigating the effects of Bitcoin's dominance. The pro-crypto approach from the Trump administration has generated optimism among Ethereum advocates as well. Many are hopeful that regulatory clarity will unlock staking benefits from ETH ETFs and alleviate some pressure on the ecosystem.
Long-term growth forecasts for Ethereum also look promising, especially with the anticipated ETH 3.0 upgrades like sharding, which aim to dramatically enhance transaction speeds.
Meanwhile, the Ethereum dApp landscape is evolving, with major players like PayPal unveiling a stablecoin bridge to Solana, and emerging protocols such as Linea pioneering decentralization.
Source: Laevitas.ch
However, challenges are on the horizon. Funding rates for Ethereum have reached an eight-month peak, signaling a potentially overheated market and short-term correction risks. Bitcoin's predominance in institutional investments and the shrinking share of Ethereum’s pie in DeFi discussions have raised concerns about Ethereum's competitiveness.
Yet, Ethereum's resilience is noteworthy. Institutional interest continues to be robust, with new whales indicating increasing confidence in its future. Whether it can regain lost territory is still uncertain, but what is clear is that Ethereum's influence in shaping the crypto arena is far from over.
ETH Price Analysis
On the daily chart, Ethereum's upward momentum has settled following its surge past $3,000 earlier this month.
ETH/USD 1D Chart, Coinbase. Source: TradingView
The 20 EMA is providing dynamic support, maintaining the bullish framework, while the 50 EMA reflects the energy that propelled Ethereum into its current range. Resistance at $3,400 indicates heightened selling activity, yet buyers are staunchly defending the $3,000 mark, keeping Ethereum within a tight range that still leans bullish.
ETH/USD 4H Chart, Coinbase. Source: TradingView
On the 4H chart, Ethereum’s ascent has decelerated after encountering resistance around $3,400, resulting in a double-top formation. A pullback to $3,000 has established a clear range-bound behavior. Currently, the price is fluctuating around the 50 EMA, with the RSI remaining neutral at 50, which indicates accumulation before a decisive move. Key levels to monitor are $3,150 for a bullish breakout and $3,000 to watch for a potential retracement toward the daily 50 EMA. Overall, Ethereum is in a holding phase, awaiting a catalyst for its next significant movement.
Toncoin News & Macro
TON had an eventful week, celebrating several major achievements within its expanding ecosystem.
On November 11, Dune Analytics announced support for the TON blockchain, providing analysts and developers with a clear view of its on-chain activity. This enhancement elevates TON’s visibility, making its data more straightforward to access and manage for anyone interested in exploring the network.
Source: Fireblocks
Just a couple of days later, on November 13, Fireblocks – a leading player in crypto custody solutions – formed a partnership with the TON Foundation. This collaboration is revolutionary, enabling exchanges, payment providers, and institutions leveraging Fireblocks to handle TON tokens securely. Beyond mere storage, it opens doors for innovative products and services built on TON’s blockchain, marking a significant move toward expanding its utility.
Source: DefiLlama
Even though TON’s Total Value Locked (TVL) has seen some fluctuations recently, the updates from this week signal that the blockchain is gaining traction. With strategic partnerships, new tools, and wider token accessibility, TON’s ecosystem is clearly advancing, solidifying its status as a strong competitor in the crypto landscape.
TON Price Analysis
Now, let’s turn to the pricing. On the daily chart, TON has shown a solid recovery after breaking through the 20 and 50 EMAs, which have now transitioned to provide dynamic support.
TON/USD 1D Chart, Binance. Source: TradingView
Currently, TON is in a consolidation phase following a sharp rise to $5.80, with buyers and sellers engaged in a tug-of-war around the $5.50 mark. The daily candles indicate clear rejections at the peaks, suggesting some profit-taking, yet the strong defense near $5.30 hints at resilient demand. The bullish crossover between the 20 and 50 EMAs marks a potential inflection point for the trend, and the market seems prepared to either gather momentum for a push towards $6.00 or pull back towards the $5.25 area for stronger support.
TON/USD 4H Chart, Binance. Source: TradingView
On the 4H chart, TON’s recent price movements illustrate a classic range-bound structure. Following the initial surge to $5.80, the price has been bouncing between $5.30 and $5.70, forming a well-defined horizontal channel. The 20 EMA on the 4H chart has served as a mid-range pivot, with the price frequently testing and bouncing around it, while the RSI reflects a neutral momentum, oscillating around 50. A noticeable spike in volume during the rally indicates strong interest, yet the subsequent consolidation signifies that the market is catching its breath after the gains.
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