The global cryptocurrency market cap has gone up by more than 20% over the last thirty days. Last month was a splendid month for the industry as its total worth peaked at $2.67 trillion and the starting price remained the lowest it attained during the time.
Following the excellent performance of the crypto market in the previous month, investors are looking forward to the new month offering even more gains than the previous. Unfortunately, the market is not seeing the same glamorous opening as October.
There’s been a stalemate within $2.6 trillion and $2.67 trillion and the industry has yet to break out of these boundaries. Sentiments are almost equally split between cryptocurrencies as some are very bullish and some are steady within a price region.
The total worth of all cryptocurrencies is estimated at $2.66 trillion as of the time of writing – barely 0.5% increase in the last 24 hours. The increase is not the start everyone is looking forward to. What does November hold?
Top Five Cryptocurrencies to Watch in November
1. Bitcoin (BTC)
Bitcoin’s performance lately has not been up to par as the most valued coin is opening the month on a slow note. The largest coin by market cap has gone up by more than 3% since the start of the new month.
October was one of the most profitable months and the best start to the fourth quarter. The 1st existing cryptocurrency is up by 40% over the last 30 days. The most valued coin hit a new all-time high during that time.
The surge was so fast paced that while many traders were jubilating the new ATH more was met. The thrill started from $65,000. A few minutes after $65k, the largest cryptocurrency hit another milestone – it move up by a thousand, hitting $66,229. After this height, the coin finally hit $67k – the new ATH.
The milestone made many recall the ordeal of a man who owned 30,00 bitcoins which he had formerly bought for $8 per coin but panicked-sold as the price of the BTC was crashing 2014. Given that he had a large amount and was bearish on price, he earned the nickname BearWhale.
Following the good start to Q4, we may expect the continuation of the uptrend this month. Last month, BTC closed the trading session at $61,343. Despite seeing a sluggish start to the month, traders are very optimistic.
The Moving Average Convergence Divergence (MACD) is currently bearish as both lines are still apart since the fast line intercepted the slow. The distance between both MACD lines will be closed as the largest cryptocurrency by market cap picks up momentum. We may expect a return to ATH and possibly a new one.
2. Ethereum (ETH)
A previous article contained predictions that hint at a possible hike to $4,500 and above. This prediction saw fulfillment in the last 24 hours as Ether surged above $4,500 – hitting a new ATH at $4,534.
The second-largest coin by market is off to a good start with the latest milestone it attained. The uptrends we are seeing at this time in the market are a result of a spillover from the previous month.
ETH went up by more than 40% over the last thirty days. The coin peaked at $4,460 and saw a low $2,968 during that time. This month, following the 5.21% increase, optimism continues to trail the new all-time high
With the above statement in view we could expect more price movements over the next thirty days. This may result in ETH hitting $5,000 this month.
3. Shiba Inu (SHIB)
The meme coin had a stupendous run last month. It got to an unprecedented height as we saw the coin attain a new all-time high. Shiba Inu made its way to the top 10 – flipping Dogecoin, with SHIB reinstating its name as the “DOGE Killer.”
The price increase was responsible for making one investor billionaire as he bought Shiba for $8,000 in August 2020 which was worth $5.7 billion as of last month.
The currently ranked eleventh coin by market cap increased by more than 800% in October – the highest price hike till date. The coin peaked at eighth spot in the top 10 cryptocurrencies by market cap.
Based on the meme coin’s performance this month, many will conclude that it is looking bleak, as it is down by more than 15%. However, market fundamentals are hinting at the bulls looking to take more profit at $0.0001. We may see a build up to the highlighted mark, or a serious break down that might be just enough to put SHIB back into a serious bearish trend.
4. Axie Infinity (AXS)
Axie Infinity had its second largest surge the month before the current one. The coin moved up by more than 80% over the last thirty days as we saw it peak at $164 (the new ATH) and hitting a low of $72.
We noticed a change in market concentration as more attention is shifting to metaverse and its tokens. During the previous month, Facebook’s decided to rebrand itself to Meta, indicating its plans to build a metaverse. The move sparked massive rallies among coins that belong to virtual worlds including AXS.
The thrill of the virtual world is still on with more companies showing more interest. The now 24th coin-by-market cap is one of the many cryptocurrencies to watch this week as there will be more growth in the price of Axie Infinity as demand continues to soar. We may see a break above $200.
5. Decentraland (MANA)
MANA also had an unprecedented increase in its value per unit. Decentraland had a 317% increase during the previous month owing to the fact that it also a metaverse coin. The coin saw a high of $4.99 and a low of $0.67.
We are also seeing a slow start on MANA, as it has been down by over 2% since the start of the month. The MANA/USD pair may not enjoy the same volume of price increases recorded in the past 30 days. Nonetheless, market fundamentals point to a price increase if the pair recovers from its current retracement.
Conclusion
Although the start to November is not what many expected, we will see a gradual reverse of the current market conditions. Nonetheless, whether that prediction comes through would depend on the market remaining relatively stable for a larger part period within the month. This article mentions the top cryptocurrencies to watch in November, especially Bitcoin as its performance will once again prove pivotal.