The cryptocurrency market digest (BTC, YFI). Overview for 20.11.2023

On Monday, the BTC exchange rate saw an increase to 37,215 USD. The weekly appreciation appears symbolic, falling just short of 1%. The daily surplus amounts to 1.8%.

From a technical standpoint, the market is firmly heading towards 38,000 USD. A consolidation above this level could pave the way for a further rise to 42,000 USD.

BTC remains in a bearish seasonal cycle. While it may not be prolonged, maintaining equilibrium within this trend is essential.

The cryptocurrency market capitalisation has increased to 1.42 trillion USD. BTC's share has climbed to 51.4%, while ETH has fallen to 17.0%.

The Altcoin market has grown

According to market observations, the altcoin sector within the cryptocurrency segment has expanded. Forecasts suggest that by 2025, the sector's volume will have reached 7 trillion USD. It is currently estimated at 637 billion USD.

The YFI token lost 40%

The price of the Yearn Finance (YFI) token has dropped by more than 40% overnight. This decline triggered widespread closures of both long and short positions in the coin. The unexpected price crash has fuelled market rumours about suspicious events the token might be experiencing.

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Source: RoboForex


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