Thursday Nov. 14 — Cryptocurrency markets are largely trading sideways, with Tezos being the only top-20 coin showing notables gains of more than 11%.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin (BTC) has been showing little price movement over the last few days and recently sipped below the $8,600 price mark. The world’s largest cryptocurrency started the day at an intraday high of $8,800 before slowly moving downwards to its current trading price, showing a loss of 1.75% on the day.
Bitcoin daily price chart. Source: Coin360
BTC could drop towards the $8,500 region
According to Cointelegraph contributor Horus Hughes, Bitcoin’s price has pierced the $8,674 support three times over the past 4 days, increasing the chance that BTC might revisit lower lows around $8,480.
Hughes added that in the event of a falling wedge breakdown, Bitcoin’s price could drop further to $7,862. However, he thinks that before this scenario plays out, it is likely that buyers will step in around $8,300 and $8,000.
Ether (ETH), meanwhile, has also been trading sideways, currently sitting at around $185. The number one altcoin saw a small dip in sync with BTC to show a slight loss of around 1.74% at publishing time.
Ether seven-day price chart. Source: Coin360
XRP, the third-largest coin by market capitalization, is no exception to today’s trend of minor losses. The token sits at around $0.270 per coin, down 2.62% on the day at press time. The news that Coinbase’s Visa debit card expanded support for five more cryptocurrencies in ten new European jurisdictions, including XRP, has had no effect on the coin’s price behavior.
XRP seven-day price chart. Source: Coin360
Most of the top 20 altcoins in red
Most of the top-20 coins are showing small losses, with many seeing movement of 1% to 2% in the negative direction. Tron (TRX) is taking the biggest beating among the top 20 with a loss of more than 3% on the day.
The biggest gainer of the day isTezos (XTZ) which is showing an impressive gain of more than 11% in the last 24 hours, followed by Chainlink (Link), which is recording gains of around 2.5% on the day.
The overall cryptocurrency market cap currently sits around $238 billion, with Bitcoin making up 65.8% of the total.