The prices of bitcoin, ethereum, and other large market cap cryptos tend to be mixed with the majority weakening again in Thursday morning trade, as investors tend to restrain their risk appetite ahead of the Thanksgiving holiday in the United States (US).
Launching data from CoinMarketCap at 09:05 WIB, the majority of big cap cryptocurrencies corrected again this morning. Only digital coins bitcoin, ethereum, binance coin, and digital stablecoin i.e. USD Coin are traded in the green zone.
Bitcoin rose 1.49% to a price level of US$ 57,831.89/coin or equivalent to Rp. 824,104,433/koin (assuming today's exchange rate was Rp. 14,250/US$), ethereum rose 1.15% to a level of US$ 4,334.71 /coin or IDR 61,769,618/koin, and a 2.51% spike in binance coins to US$ 601.66/coin (IDR 8,573,655/coin).
While the rest corrected again this morning. Solana fell to US$ 209.50/coin or Rp 2,985,375/coin, cardano fell 2.6% to US$ 1.67/coin (Rp 23,798/coin), and Dogecoin fell 2.11% to US$ 0, 2196/coin (Rp 3,129/coin).
Here's the movement of the top 10 cryptocurrencies by market capitalization today.
https://ibb.co/42wCrRrBitcoin held in the range of US $ 57,000, before the Thanksgiving holiday in the US. Meanwhile, the largest alternative digital coin (altcoin), Ethereum this morning chose the range of US$ 4,300. Trading volumes are expected to decline over the next few days, especially on the US Thanksgiving holiday today.
However, some analysts expect increased volatility in the bitcoin and ether options markets towards the end of November this year.
“The market as a whole will remain tied in the short term, bitcoin has failed to hold above $60,000 a number of times and it will take an effort to break through that level,” Pankaj Balani, CEO of Delta Exchange, a crypto derivatives trading platform, told CoinDesk in an email.
Some analysts expect increased volatility in the bitcoin and ethereum options markets, meaning sharp price movements could occur over the next few days.
Read: Dear Crypto Investors, Beware of this Horrible Threat in 2022 Meanwhile from China, the price recovery for the Chinese yuan-denominated digital tether coin (USDT/CNY) is recovering, indicating the market in China is slowly recovering from the local government's crackdown on crypto trading last September.
Babel Finance in its newsletter on November 22 said that the quoted price of tether denominated in Chinese yuan in the over-the-counter (OTC) market has recovered in the past week.
Under normal circumstances, the price of tether expressed in yuan should match the exchange rate of the US dollar against Asian currencies, but tether has been trading at a significant discount since the ban by Chinese regulators.
This recovery from discounted prices suggests that China's crypto market has returned to normal from the ban, which could be good news for markets given China's historical significance in crypto.
Meanwhile, from other crypto altcoins, the shiba inu digital coin (token), which is considered the killer token of Dogecoin, started trading again in the green zone this morning.
However, shiba inu's market cap is currently losing ground to crypto avalanche (AVAX).
The market capitalization of shiba inu currently reaches US$ 22.41 billion. Meanwhile, avalanche market capitalization (AVAX) reached US$ 27.23 billion. Currently, the shiba inu is in the 12th position or just below the avalanche. In terms of movement, today the shiba inu rose 2.7% to the level of US$ 0.0004139/coin.
In the past week, the shiba inu has fallen 14.85%. Meanwhile, in the last month, the SHIB was also still corrected by 0.9%. Meanwhile, throughout this year (year-to-date/YTD), the shiba inu tends to stagnate.