Bitcoin and the broader cryptocurrency market ran into familiar resistance on Sunday, as the bulls failed to inspire new highs during the much lighter weekend trading cycle. Cryptoassets are coming off one of their worst months in history, opening the door to bargain hunters and long-term supports to boost their holdings.Market Update
The cryptocurrency market cap, inclusive of bitcoin and the broader altcoin/token universe, fell nearly $3 billion to $135 billion on Sunday. The asset class as a whole reached a high of $139.2 billion earlier this weekend, which was slightly below last Thursday’s swing high of around $142 billion.
The high of last Thursday invited a wave of selling pressure back into the market, triggering sharp declines across most major assets. The cryptocurrency market reached a low of $128 billion on Friday before the weekend rally ensued.
In terms of individual currencies, bitcoin fell 1.9% to $4,159. The leading digital currency accounts for 53.6% of the entire market.
XRP slipped 1.2% to $0.3692. XRP has quietly defended the $0.3600 handle since it became the second-largest cryptocurrency. The so-called “flippening” occurred after Ethereum experienced a bigger drop-off last month.
Ether’s price was down 1.4% on Sunday to $117.13.
Another “flippening” event occurred last week in the nos. 4 and 5 spots. Stellar XLM has leapfrogged bitcoin cash in terms of market cap, though both continue to trade neck-and-neck. XLM was up 0.5% at $0.1617 on Sunday. BCH, meanwhile, was little changed at $172.49.
Bitcoin SV, the cryptocurrency borne out of the bitcoin cash hard fork, continues to trade inversely with the broader market. At the time of writing, the BSV price was up 6.4% at $101.19.Search for Direction Continues
November was a period of considerable pain for cryptocurrency traders. The market lost nearly $100 billion from peak-to-trough in a series of panic sales and ou...