- Analysts argue that mid-November is about receding excesses in Dogecoin and Shiba Inu tokens.
- Traders have reacted negatively to Mt.Gox recovery news, and Bitcoin is trading at a critical level.
- Avalanche, Curve DAO and Crypto.com tokens have posted double-digit gains over the past 24 hours.
Capital is flowing out of Bitcoin and into DeFi projects Avalanche, Crypto.com and Curve DAO. The mid-November cryptocurrency market is focused on purging the speculative excess in dog-themed cryptocurrencies Dogecoin and Shiba Inu.
Bloomberg strategist notes that the crypto market is shedding speculative excess
Bitcoin price eyes a new critical level as it recovers from a drop below $60,000. The news of Mt.Gox’s recovery of lost Bitcoin to its creditors had a negative impact on BTC price.
The fear and greed index is considered an indicator of traders’ sentiment towards Bitcoin. The index is currently neutral. It slipped from “greed” to “neutral” as traders lost interest in Bitcoin.
The last time when Bitcoin hit a new all-time high, the asset’s price hit bottom, and analysts noted extreme fear on the fear and greed index. @rektcapital, a pseudonymous cryptocurrency analyst, expects the sentiment to shift to fear before the BTC price trend reverses.
Last time #BTC saw Extremely Fearful levels on the Fear & Greed Index?
— Rekt Capital (@rektcapital) November 17, 2021
21st of September (blue arrow)
This is when $BTC actually bottomed before enjoying a run to its new All Time Highs
Currently, sentiment is Neutral (52) but Fear is what precedes reversals#Crypto #Bitcoin pic.twitter.com/rOf6IPXUBx
Mike McGlone, a senior commodity strategist, commented on the crypto market in mid-November.
#Cryptos Going to the Dogs? #MemeCoins and Speculative Excesses -
— Mike McGlone (@mikemcglone11) November 17, 2021
The crypto market in mid-November is all about support of $60,000 for #Bitcoin and $4,000 for #Ethereum, along with the proliferation and legitimization of crypto dollars and the purging of speculative excesses. pic.twitter.com/gMSJo3kQ8Q
DeFi tokens with relatively high total value locked, Avalanche (AVAX), Crypto.com (CRO) and Curve DAO (CRV), have posted double-digit gains over the past 24 hours.
Amidst a wider crash in the cryptocurrency market, AVAX price is climbing higher. The DeFi token hit a new all-time high at $104.33, posting over 54% gains over the past two weeks.
Earlier today, Crypto.com announced that a multi-purpose arena in downtown Los Angeles would be renamed. Staples Center will now be known as Crypto.com ARENA for the next 20 years due to the partnership with the LA Kings and Los Angeles Lakers.
The DeFi tokens have offered one of the highest risk-adjusted returns over the past 24 hours. @Rager, a pseudonymous cryptocurrency analyst, believes that as long as Bitcoin and Ethereum don’t suffer a price drop, Avalanche price is likely to continue to climb.
As long as BTC and ETH don't dump heavy again, we can certainly see $AVAX continue to grind up
— Rager (@Rager) November 16, 2021
Will continue to keep an eye on this uptrend but hoping we continue to see capital funnel into this network bringing more value to AVAX itself https://t.co/rfWGFf5aeC pic.twitter.com/30KnSkcwXx
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.