TL;DR

• BTC is up & ETH is up

• BTC over-performed ETH this week 

• Bitcoin dominance is up

• The hot coin we look at this week is $DOGE

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BTC & ETH Market Update 📈

Crypto is up this week, with BTC being up 16.6% and ETH up 6.5%:

Bitcoin dominance has increased over the week, starting from 56.2% to a high of 57.85% and ending at 57.4%. Investor sentiment, regulatory changes, technological advancements, and the overall growth of the cryptocurrency sector shape Bitcoin's market dominance. Its reputation as "digital gold" also enhances its position, making it a key player in the market.

It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.

Bitcoin has recently cooled off after reaching an all-time high of $93,434, now trading around $89,077, amidst broader market concerns about inflation and stagflation risks.

Despite this pullback, indicators suggest that the bullish momentum is likely to continue. A significant influx of stablecoins into exchanges, a historical precursor to price rallies, signals strong demand, potentially fueling Bitcoin’s next leg up.

Additionally, institutional interest remains robust, with over $4.7 billion flowing into Bitcoin ETFs following the U.S. election. Bitcoin’s MVRV ratio of 2.5 indicates it is not overvalued, and on-chain data suggests a realistic target of $100,000.

The market is poised for a potential breakout if Bitcoin can maintain key support levels above $87,000.

Ethereum has seen a surge in whale activity, with a new wallet accumulating over 18,000 ETH, worth $57.8 million, since November 9.

This comes after Ethereum's strong 29% price move above $3,000, though its momentum has slowed in recent days, especially as Bitcoin rallied by 13%.

Technical analysis indicates that ETH faces significant resistance around the $3,500 range, particularly near the Fibonacci level of $3,450 and a supply zone between $3,550 and $3,050.

While Ethereum is currently retesting support between $3,072 and $2,987, the recent whale accumulation could signal a longer-term bullish trend if ETH can break through the resistance and maintain upward momentum.

Ethereum (ETHUSD) Analysis:

Ethereum (ETH) has recently broken the ceiling of its falling trend, signaling a potential shift towards a slower decline. Currently, the price is consolidating between key support at $2,900 and resistance at $3,300. A decisive breakout in either direction could define the next move for ETH, with volume indicating weakening trend strength. Traders should watch these levels closely for further signs of momentum.

Bitcoin (BTCUSD) Analysis:

Bitcoin's technical analysis shows a strong bullish trend across short, medium, and long-term timeframes. The price has broken through key resistance levels, with no immediate resistance in sight, suggesting further upside potential. RSI readings above 70 indicate strong buying momentum but could also signal overbought conditions. Key support levels are around $66,000 (short-term) and $70,000 (medium to long-term), while resistance is absent in the immediate chart, but the next target is around $84,547.

Expected Trading Ranges:

• Ethereum (ETH): Support at $2,900; Resistance: $3,300

• Bitcoin (BTC): Support at $70,000; Resistance at $84,547.

Market Outlook:

Bitcoin remains in a strong bullish trend across all timeframes, with continued upside potential. Short-term pullbacks are possible due to an overbought RSI, but medium- and long-term technicals suggest further growth, with support around $70,000. The outlook remains positive, with targets around $84,547 and long-term potential reaching up to $83,551.

Ethereum faces strong resistance near $3,500, with recent whale activity suggesting long-term bullish potential. A retest of support around $3,000 could determine if ETH can break through key resistance levels and continue its upward momentum.

BTC/ETH ratio has seen a increase:

Over the last six days, the Bitcoin to Ethereum (BTC to ETH) exchange rate has increased overall. Starting at 24.47 ETH per BTC on Nov 9, it rose steadily to 29.56 ETH per BTC on Nov 15, reflecting a cumulative increase of approximately 20.9%. This positive trend was marked by fluctuations, with a slight dip on Nov 9, but overall, Bitcoin has gained relative strength against Ethereum during this period.

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Hot Coin: DOGE 🔥

In this week’s newsletter, we dive into DOGECOIN Network’s token with the ticker $DOGE.

The price action and volume have been growing consistently and don’t seem to stop any time soon:

What is the project about?

Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency designed for secure and decentralized digital transactions. It operates on blockchain technology, which stores transaction data transparently across a network of nodes.

Sharing technical roots with Litecoin, it uses a similar hashing algorithm but stands out with its large inflationary supply and approachable branding.

Dogecoin is supported by a vibrant, inclusive community that embodies the ethos outlined in the Dogecoin Manifesto.

Known for its generosity, DOGE is frequently used for tipping content creators and funding charitable initiatives, offering a fun, accessible alternative to more formal cryptocurrencies while promoting friendliness and inclusivity.

Why is the project exciting now?

There are four main reasons why we feature this project in this week’s newsletter:

• Strong Community/Popularity

• Increased Use Cases and Merchant Adoption

• Potential for Future Development and Upgrades

• Attractive Inflationary Model

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