Biweekly Market Report (2020/11/17~2020/11/30)
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BTC/USDT (Binance)
16,000 (11/17) → 19,544 (11/25) → 16,181 (11/27) → 18,000 (11/30) is a summary of the price movements of Bitcoin futures (Binance) for the past two weeks.
All price data were collected on 11/30 00:00
Since mid-November, BTC has been rushing for a breakthrough. Not only has the news of whales and institutional funds entering the market continued to come to light, but retail investors have also placed significant orders in spot, leveraged spot, and contracts. The crypto marketing is once again thriving. The transaction volume has grown substantially, and even the lending interest rate and funding rate marked growth. However, BTC failed to challenge 20k on 11/25, hitting a peak of 19,484. Following that failure, the overall market momentum pulled back in an instant, and a two-day decline reached a maximum of 17%. After being unable to break below the support of 16,000, the market showed a rapid recovery from 11/27–11/30 and immediately rose back to a high of 18,000. If BTC can manage to break through the previous wave of highs in one fell swoop, the 20k point will no longer be a challenge.
ETH/USDT (Binance)
460 (11/17) → 624 (11/24) → 480 (11/26) → 560 (11/30) is a summary of the price movements of Ethereum futures (Binance) for the past two weeks.
All price data were collected on 11/30 00:00
In the past two weeks, ETH and BTC have been in a similar trend, both of which have experienced strong growth, followed by a sharp correction and gradual rebound. What’s different is that ETH has a more obvious rise in the 11/21–11/24 period than BTC, though it still fell by as much as 20% between 11/25–11/27. Finally ETH marked 480 as support before coming back to a water level around 550.
Binance mainstream crypto trend analysis
From Table 1 below, we can see that most mainstream crypto prices have risen in the past two weeks, especially XRP with a 120% increase. From Figure 3 below, it can be seen that XRP once rose to 150% on 11/24. The possible reason for the recent rise of XRP is that Ripple recently issued a Q3 report, which included the news of XRP’s repurchasing plan. Coupled with the recent bull market, the effect has pushed XRP price up even more.
The cumulative rate of return (in USDT) for these cryptocurrencies in the last two weeks is as follows:
Market Outlook
With crypto prices rising, volatility has also risen. The holding risk of positions naturally also increased. Given this large wave, there will typically be a sizable period of consolidation. And when holding a larger position and encountering a consolidation, investors usually experience a greater chance of loss. Investors should check whether the positions on hand still meet their risk tolerance. If not, adjustments need to be made ASAP.
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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