Cryptocurrency markets continue to hold support today after a spectacular performance last week. Bitcoin remains at the $20k level, while Ethereum has found new support in the $1,500 range. Let’s look at relevant news affecting markets today.
- Cryptocurrency markets continue to trade sideways, holding support after last week’s bull run.
- Bitcoin’s lightning network exhibited a bug that was rapidly fixed by the team via an update.
- Ethereum continues to show bullish signs and outperforms BTC regarding price action.
- Despite the declining trading volume, BTC and ETH manage to hold support and will likely attempt another bull run next week.
Crypto Market Update
Regarding Bitcoin, one significant piece of news is about Bitcoin’s lightning network, which released an emergency update on Nov 1st after a bug caused nodes to fall out of sync with the chain.
According to the official GitHub of the Lightning Network, the newest update features an emergency update applied on top of the latest release:
“This is an emergency hot fix release to fix a bug that can cause lnd nodes to be unable to parse certain transactions that have a very large number of witness inputs.
This release contains no major features, and is instead just a hotfix applied on top of v0.15.3.”
The bug hasn’t caused any significant damage to Bitcoin or its ecosystem as transactions continued to verify as usual.
The quick action of the Lightning Network development team saved any further repercussions of the bug. However, this might have caused the underperformance of Bitcoin’s price compared to Ethereum and other crypto assets, as BTC remains in the $20k range.
When it comes to ETH, the second-largest crypto by market cap, continues to flash bullish signs, according to a report from Cointelegraph:
“The bullish cues emerge primarily from a classic technical setup dubbed a “cup-and-handle” pattern. It forms when the price undergoes a U-shaped recovery (cup) followed by a slight downward shift (handle) — all while maintaining a common resistance level (neckline).”
While technical analysis isn’t too effective when it comes to the volatile crypto markets, any bullish indicators reinforce the market and provide further positive momentum for Ethereum.
Today’s trading volume for BTC and ETH is down slightly, with BTCUSD down 10% and ETHUSD volume down 23%. The decrease in trading volume isn’t a bullish sign, but the fact that current support continues to hold despite declining volume is a good sign for crypto bulls.
We will likely see a further test of Ethereum’s $1,500 support and Bitcoin’s $20k support for the rest of the week before the market attempts to make another move next week. If the current prices can hold through the weekend, chances are BTC will attempt to rise above $21k, and ETH will tackle $1,600.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!