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Cryptocurrency market update: Bitcoin refreshes $9,500 while Stellar skyrockets by 20%

Bitcoin stepped above $9,500 before adjusting to the current value of $9,428.
Stellar is holding the Meridian Conference on blockchain in Mexico.

John Isige FXStreet

The digital asset market is mixed red and green on Tuesday at the beginning of the European session. Among the assets in the green are Stellar (XLM) which has jaw-dropping gain, Bitcoin (BTC), Ripple (XRP), Litecoin (LTC) and Monero (XMR) among others.

The entire crypto market capitalization has experienced a minor increase from $249 billion on November 4 to $252 billion at the time of writing. The trading volume also spiked to $90 billion from $80 billion in the same period. The increase is connected to the shallow recovery witnessed across the board but mainly led by Stellar and Bitcoin.

Bitcoin market update

Bitcoin finally broke above the descending triangle in a bid to push towards $10,000. The price hit levels past $9,500 but stalled at $9,589 (weekly high). BTC has since adjusted to $9,428 (current market value). The 50 Simple Moving Average (SMA) on the four-hour chart currently at $9,269 is establishing as he next support area. $9,000 is also a key area to keep in mind in addition to the 100 SMA.

BTC/USD four-hour chart

Stellar market update

As has been discussed earlier today, the majestic 20% rise in Stellar (XLM) is linked to the reduction in total supply by half. The price also reacted by posting overwhelming gains in tunes of 20% in the last 24-hours. XLM is trading at $0.082 at the time of writing. There is a possibility that a reversal action will be coming into play. Therefore, tentative support areas at $0.07, $0.065 and $0.06.

XLM/USD four-hour chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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