Biweekly Market Report (2020/11/03~2020/11/16)
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BTC/USDT (Binance)
13,800 (11/02) → 15,800 (11/06) → 14,850 (11/08) →16,480 (11/13) → 16,000 (11/16) is a summary of the price movements of Bitcoin futures (Binance) for the past two weeks.
All price data were collected on 11/16 00:00
Since the beginning of a new wave of bull market in BTC in October, the price of BTC has continued to attack upwards with a maintained momentum, especially the rise from 11/04 to 11/06. In two days, it has risen by about 2,000 USDT without much retracement, as evident in the very continuous band (Figure 1-A). After hitting a new high this year, the price began to decline (Figure 1-B), but then a wave of buying pressure resumed, stabilizing the downward trend and pushing the price up again, hitting another new high (Figure 1-C). Finally, BTC closed with a small drop (Figure 1-D).
ETH/USDT (Binance)
389 (11/02) → 170 (11/03) → 469 (11/07) → 430 (11/08) → 479 (11/14) → 453 (11/16) is a summary of the price movements of Ethereum futures (Binance) for the past two weeks.
All price data were collected on 11/16 00:00
ETH and BTC have had similar trends in the past two weeks. Most of ETH showed a strong bull market pattern, with a few serious declines in the process. From 11/02 to 11/03. ETH dropped by about 7.5% (as shown in Figure 2-A), and then as the overall crypto market rose strongly, the price of ETH also soared, from 380 USDT to 460 USDT (as shown in Figure 2-B). But when it was about to breakthrough, ETH was met with selling pressure to secure profits, causing the price to fall (Figure 2-C). Subsequent buying pressure stabilized the price and slowly pushed up the price of ETH, bringing the highest price of ETH to 479 USDT (Figure 2-D). Once ETH reached its peak on 11/14, it fell back to around 450 for closing (Figure 2-E).
Binance mainstream crypto trend analysis
Other than EOS, BNB, and BCH, mainstream currencies in these two weeks have basically grown by 10–18%. ETH, LINK, and XRP have benefited from the sharp rise of BTC in early November, and institutional investors have purchased cryptocurrencies to diversify their portfolios.
BNB did not have a prominent performance. For the past two weeks, it was mostly consolidating between $27 — $29. BCH fell the most. In view of its fork on 11/15, there was no strong indicator of a comeback. The lowest price of $233.04 was reported during the day on 11/16, marking BCH as the weakest mainstream currency in this period.
The cumulative rate of return (in USDT) for these cryptocurrencies in the last two weeks is as follows:
Market Outlook
While the impact of the US election on the overall financial market is gradually declining, news within the crypto market are gaining greater influence. Although BTC stayed around $16,000 for a long time in the past week, it lacked strong indicators. If the general direction is long, investors can lightly enter when the price retraces. For investors who are undecided on directionality, there are opportunities to attack quarterly contracts and spot arbitrage before the end of December. If there is a rapid increase in the near future, there is a high probability of a large positive spread in the December quarterly contract — a perfect chance of 1–2% profit in one month.
This article expresses an independent view of Bincentive. Bincentive is not responsible for investment profits and losses, and investors should carefully consider various investment risks.
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