By Alessandro Albano
Investing.com – The is back above $ 58K after previous session reversals that saw the digital currency trade an area of $ 53K after the all-time high of $ 69K struck on November 10th.
With a drop of 16% from all-time highs, and a capitalization that even dropped to 900 billion, “the latest flash crash cost the total crypto market cap about 300 billion euros but did not negatively impact the general picture given that the market is still bullish, “says Orlando Merone, Bitpanda Country Manager in Italy.
The Crypto Fear & Greed Index fell 22 points, reaching 55/100 and marking a neutral level, with the decline “appearing to be linked to the excessive balance in the system, but the fundamentals have not changed and the medium-term outlook. remain bullish “.
“The long-awaited Taproot of, which promises to be the most important cryptocurrency upgrade in the past four years, went into action when the blockchain hit block 709.623, at 5:15 am on Sunday. users, since both regular and multisignature transactions will look the same. It will also improve the scalability of the network and the fungibility of all Bitcoins “, specifies the country manager.
In the last week it has also suffered the blow, moving away from the all-time high of 4,200 euros and trading at 3,600 euros, the lowest price since the beginning of the month. Currently, the coin that powers the blockchain of the same name is up 6.8% to $ 4,680.
“About € 8 billion worth of Ethereum has been withdrawn from exchanges in recent days, suggesting that the so-called ‘whales’ may be accumulating and holding ETH with no intention of selling in the short term,” explains the Bitpanda manager.
Despite this data, according to Merone the situation “is not worrying” because the fundamentals continue “to show positive signs”, as the withdrawal of tokens from exchanges “is usually a bullish sign”.
Among the AltCoins, one of the best performing crypto assets in November (+ 25% approximately), was traded “with wide gaps between the highs and lows” with a price hovering above 0.1 euro, the most high for two months. Furthermore, the virtual currency reached “almost € 0.13 in an extremely volatile day in which the price was moving by 20%”, Merone points out.
“Most of the major altcoins are trying to hold above their resistance levels. The flash crash undoubtedly affected some trading moves, but the fundamentals remain strong and the month of November is once again bullish,” points out. expert on the cryptocurrency exchange based in Vienna.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.