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Bitcoin edges lower as Avalanche moves into top 10

Cryptocurrency1 hour ago (Nov 22, 2021 10:42)

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By Samuel Indyk, Laura Sanchez & David Pichodo – Bitcoin edged lower on Monday morning after failing to make a clean break above $60,000 over the weekend, where the price peaked at $60,002. At pixel time, the world’s largest cryptocurrency is trading around $57,200, down around 3% in the last 24 hours. Over the past week, Bitcoin is down around 13%.

Similar price action has been observed in Ethereum, the second-largest cryptocurrency by market cap. The coin currently trades around $4,160 and is down around 3.5% in the last 24 hours. Ethereum is down around 11% over the last week.

Where next for Bitcoin?

From a technical point of view, Javier Molina from eToro explains that “prices have gone to seek the key support of $58,000. Although they were lost during a few sessions, the almost immediate recovery continues to leave that level of support as relevant. If lost, the $52,000 would be the initial target of the bearish development. Above, the $60,000 is a psychological zone and the $62,500 are the references to beat to think about new highs.”

Avalanche outperforms

One cryptocurrency that has outperformed recently is Avalanche, which has jumped into the top 10 coins by market cap, overtaking the two popular dog-based coins, Dogecoin and Shiba Inu. Avalanche now has a market cap of over $30 billion.

The cryptocurrency hit a new high over the weekend of $146.29 and has now gained more than 135% since the beginning of the month. In the last seven days, Avalanche is higher by over 35%.

Last week, Avalanche announced a partnership with the audit firm Deloitte, which plans to build more efficient disaster relief platforms at the top of the Avalanche blockchain platform.

According to Deloitte’s press release issued on November 17, the “Close as You Go Service” aims to simplify “disaster reimbursement claims for victims of natural disasters, by aggregating and validating the documentation required for funding.”

Bitcoin edges lower as Avalanche moves into top 10

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