- BTC, ETH, XMR analytics 20.11.2020
Gekkoin’s crypto market review
General fundamental background
The cryptocurrency market is setting new records. The market capitalization has reached a level of $500 bn, BTC capitalization has reached its highest levels for the entire cryptocurrency existence, and its price is also close to its historical highs at $19,700. The market upward movement is taking place against the backdrop of an increase of the BTC trading volumes on the CME exchange, as well as an increasing cryptocurrency demand from the institutional investors.
Most likely, the market will be in a positive trend until the end of 2020, and given the increasing acceptance of cryptocurrency as a protective asset, we can expect new BTC highs in the next month. Also, strong growth can take place for the Ethereum, which is transferring by its developers on the new rails of the next version, Ethereum 2.0, in December this year. Given the lack of negative fundamental aspects that could influence the crypto market, I expect the upward dynamics to continue shortly.
Technical market view
BTC continues to actively rise in price against its major rivals, its trend is keeping stable. After a short flat, one can expect BTC to reach its historic high of $20,000.
Given the significant demand for the market benchmark, altcoins are currently growing at a slower pace than BTC. Soon, ETH may exceed the $500 level, and this growth will open the way to the $550 mark.
The XMR correction turns out to be more structural. Against the background of the cryptocurrency market capitalization growth, XMR didn’t develop a downward movement and is currently growing. I expect the continuation of the corrective decline after the capitalization will reach the medium-term maximum and begin its decline. The target level of $100 XMR is unchanged.
Victor Pershikov, MFTA
Lead analyst of 8848 Invest
- Date of publication:
- Fri, 11/20/2020 - 06:21
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