Crypto Price Analysis 11-20: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, CELESTIA: TIA, ARBITRUM: ARB

The cryptocurrency market has been mixed over the past 24 hours, with pockets of strength and weakness emerging. Layer2 tokens outperformed the broader market, registering double-digit gains compared to a marginal increase by Bitcoin (BTC) and a notable decline by Ethereum (ETH). 

BTC has struggled to regain momentum since dropping below $90,000 on Tuesday. The flagship cryptocurrency had rebounded to reclaim $90,000 and move to $92,175. However, it lost momentum and fell below $90,000 again, dropping to a low of $88,557 before reclaiming $92,000. BTC is marginally up over the past 24 hours, trading around $92,076. 

On the other hand, ETH fell to a low of $2,874 on Thursday before rebounding to reclaim $3,000. The altcoin is down 1% in the past 24 hours, and trading around $3,039. Ripple (XRP) is down 1.32%, while Solana (SOL) is up over 2%, trading around $143. Dogecoin (DOGE) is marginally down while Cardano (ADA) is marginally up at $0.469. Chainlink (LINK) and Polkadot (DOT) are also trading in positive territory, while Stellar (XLM), Hedera (HBAR), Litecoin (LTC), and Toncoin (TON) have registered notable declines over the past 24 hours. 

Nvidia’s Q3 Earnings Lift Crypto 

Nvidia posted record third-quarter earnings on Wednesday, beating analyst expectations and allaying concerns about an AI bubble. The company’s record earnings boosted market sentiment and lifted crypto and tech stocks in after-hours trading. Nvidia reported Q3 revenues of $57 billion, up 62% from last year. It also reported a profit of $31.9 billion, up 65% from last year. The figures beat analyst expectations and helped stop a week-long slide in tech stocks due to concerns of an AI bubble. 

Nvidia shares jumped 5% to $196 in after-hours trading, while shares of crypto and crypto-linked companies also registered a jump. Coinbase (COIN), Circle (CRCL), and Strategy (MSTR) all reported price increases. 

Cloudflare Outage Hits Crypto Websites 

Cloudflare, responsible for network services on several websites and platforms, reported a major outage that disrupted access to many cryptocurrency websites, platforms, and communication. Cloudflare issued an update late on Tuesday stating it had implemented a fix to address an “internal service degradation.” 

“[W]e believe the incident is now resolved. We are continuing to monitor for errors to ensure all services are back to normal.”

The outage and resulting disruption impacted the frontend of several websites, including X, Truth Social, Coinbase, Blockchain.com, Ledger, BitMEX, Toncoin, Arbiscan, and DefiLlama. Meanwhile, platforms like Kraken reported that a fix had been implemented to restore access. Meanwhile, platforms like BlueSky and Reddit were unaffected by the outage. A Cloudflare spokesperson stated, 

“[T]he root cause of the outage was a configuration file that is automatically generated to manage threat traffic. The file grew beyond an expected size of entries and triggered a crash in the software system that handles traffic for several of Cloudflare's services.”

Fadl Mantash, chief Information security officer for Tribe Payments, stated, 

“Today’s Cloudflare outage shows how vulnerable the digital economy has become. When a single upstream provider experiences issues, the impact doesn’t stay contained; it cascades across industries, touching everything from social media platforms to e-commerce checkouts and back-end payment services.”

Bitwise Spot XRP ETF Set For Debut 

Bitwise’s spot XRP ETF is set to debut on the New York Stock Exchange (NYSE), offering investors direct exposure to XRP. The asset will trade under the ticker XRP, with the fund carrying a 0.34% management fee. The fee will be waived for the first month on the first $500 million in assets. The company also highlighted XRP’s track record, rapid settlement times, and growing tokenization activity on the XRP ledger. 

“Big news: The Bitwise XRP ETF is set to begin trading on NYSE tomorrow with the ticker XRP. It has a management fee of 0.34%, which is waived for the first month on the first $500M in assets. This product brings investors spot exposure to XRP, the crypto asset that aims to modernize global payments.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) revisited sub-$90,000 levels on Wednesday as it fell to an intraday low of $88,483. However, it recovered from this level to reclaim $90,000 and settle at $91,461, ultimately dropping 1.56%. BTC is up almost 1% during the ongoing session, trading around $92,153. The flagship cryptocurrency is attempting to reclaim $95,000 after volatility pushed it to multi-month lows. 

Spot trading has recorded a noticeable decline, while daily trading volume has also dipped, falling 2.3% to $83.8 billion. Metrics indicate traders have taken a step back to assess market conditions and wait for clarity. However, futures volume is up 15% to 123.2 billion, while open interest (OI) registered a 3.9% increase to $67 billion. Rising open interest during market downturns indicates traders are not betting on a quick recovery. According to GlassNode, BTC is trading below the short-term holder cost basis and the -1 standard deviation band. This puts recent buyers at a disadvantage and makes the $95,000-$97,000 levels a significant resistance zone. 

Meanwhile, analysts believe BTC’s downturn has little to do with the US government shutdown or talk of a so-called AI bubble. Many have speculated that BTC, which fell to an eight-month low, was reeling from macroeconomic uncertainty triggered by the US government shutdown, which ended last week. Others suggested that market concerns about an AI bubble and its impact on crypto had hampered investor sentiment. Victoria Scholar, head of investment for Interactive Investor, stated, 

“Fears of an AI bubble and concerns about the market’s heavy dependence on a handful of tech giants have caused investors to dial back their exposure to speculative assets such as Bitcoin.”

Bitcoin analyst PlanB also dismissed suggestions that concerns around AI were impacting BTC. 

“NVIDIA had robust earnings. We can remove the AI Bubble thesis from the list of reasons Bitcoin is down. The list is getting smaller and smaller. Only the 4-year cycle astrology narrative and delayed global liquidity remain. Liquidity is coming. And the 4-year narrative has a high probability of breaking.”

BTC ended the previous weekend in positive territory, rising over 2% and settling at $104,694. The price continued pushing higher on Monday, rising 1.23% to cross $105,000 and settle at $105,979. BTC reached an intraday high of $107,482 on Tuesday. However, it lost momentum as bear market conditions set in. As a result, it fell nearly 3% and settled at $103,009. Sellers retained control on Wednesday as the price fell 1.33% to $101,639. BTC faced substantial selling pressure and volatility on Thursday. As a result, it slipped below the crucial $100,000 mark, falling to a low of $97,870 before settling at $99,614. Selling pressure intensified on Friday as the price plunged over 5%, falling to a low of $93,951 before settling at $94,503.

Source: TradingView

Despite the overwhelming selling pressure, BTC recovered on Saturday, rising 1.10% to reclaim $95,000 and settling at $95,544. Selling pressure returned on Sunday as BTC fell to a low of $92,943 before settling at $94,183, ultimately dropping 1.42%. Bearish sentiment persisted on Monday as the price fell by over 2% and settled at $92,100. Selling pressure intensified on Tuesday as BTC slipped below $90,000, falling to an intraday low of 89,183. However, it rebounded from this level to reclaim $90,000 and settle at $92,914, ultimately rising nearly 1%. BTC slipped below $90,000 again on Wednesday, falling to a low of $88,483 before settling at $91,461. The flagship cryptocurrency is up 0.62% during the ongoing session, trading around $92,016.

Ethereum (ETH) Price Analysis

Ethereum (ETH) registered a substantial recovery on Tuesday after starting the week in the red, rising over 3% to $3,125. Selling pressure intensified on Wednesday as the price fell to an intraday low of $2,873 before settling $3,023, ultimately dropping over 3%. ETH is marginally up during the ongoing session, trading around $3,026.

Meanwhile, BlackRock has established a new Delaware trust that could potentially pave the way for a staking-based Ethereum ETF. According to information from the Delaware Division of Corporations, the trust was officially created through a filing on November 19. While the listing does not include product documentation, the entity record is available through the state’s search portal. Daniel Schwinger, a Wilmington-based BlackRock manager who also handled the registration of the iShares Ethereum Trust, handled the filing. The new trust was registered under the Securities Act of 1933, which requires detailed disclosures before a product can be offered to the public.

BlackRock still needs to file a Form S-1 with the US Securities and Exchange Commission. However, it has yet to share a detailed timeline. The new trust will sit alongside BlackRock’s spot Ethereum ETF, launched in July 2024. ETHA has recorded over $13 billion in inflows but does not stake its ETH. Nasdaq filed a Form 19b-4, allowing ETHA to stake its ETH with approvals and validators.

ETH ended the previous weekend in positive territory, rising over 5% and settling at $3,583. It faced selling pressure and volatility on Monday before registering a marginal decline and settling at $3,567. Bearish sentiment intensified on Tuesday as the price fell over 4%, slipping below $3,500 to $3,417. ETH reached an intraday high of $3,586 on Wednesday. However, it lost momentum after reaching this level and settled at $3,414, ultimately registering a marginal decline. Bearish sentiment intensified on Thursday as ETH fell 5.34% to $3,231. Sellers retained control on Friday as the price fell nearly 4% and settled at $3,111.

Source: TradingView

ETH recovered on Saturday despite the overwhelming selling pressure, rising 1.78% to $3,167. Price action returned to bearish territory on Sunday as ETH fell 2.20% to a low of $3,009 before settling at $3,097. The price reached an intraday high of $3,220 on Monday. However, it lost momentum after reaching this level and settled at $3,029, ultimately dropping over 2%. ETH fell to an intraday low of $2,950 on Tuesday as selling pressure intensified. However, it rebounded from this level to reclaim $3,000 and settle at $3,125, ultimately rising over 3%. The altcoin returned to bearish territory on Wednesday, falling to an intraday low of $2,873 before settling at $3,023. ETH is marginally down during the ongoing session, trading around $3,011. 

Solana (SOL) Price Analysis 

Several issuers have debuted their spot Solana ETFs this week, fueling bullish predictions for the asset. The ETFs include VanEck’s VSOL, Fidelity’s FSOL, 21Shares’ TSOL, and Canary Capital’s staking-enabled SOLC. The slew of ETFs represents rising mainstream acceptability and acceptance, with Fidelity becoming the first traditional asset manager to offer a Solana product. Bloomberg ETF analyst Eric Balchunas stated, 

“Fidelity Solana ETF FSOL is slated to launch TOMORROW. Fee is 25bps. Easily the biggest asset manager in this category, with BlackRock sitting out. BSOL got out first, has $450m, VSOL launched today, Grayscale is in the mix. Game on.”

Solana-based ETFs have collectively taken in over $2 billion. SOL’s momentum indicators are verging on bullish. The RSI has surged above the oversold threshold, while the MACD is closing in on a golden cross, indicating strong buy pressure. 

SOL ended the previous weekend in positive territory, rising over 4% to $164. Buyers retained control on Monday as the price rose 1.66% and settled at $167. However, selling pressure returned on Tuesday as SOL plunged nearly 8% to $154. Sellers retained control on Wednesday as the price fell 0.78% and settled at $153. Buyers attempted a recovery on Thursday as SOL reached an intraday high of $157 before losing momentum and settling at $144, ultimately dropping 5.67%. SOL’s downtrend continued on Friday as it fell 4% and settled at $138.

Source: TradingView

Price action was mixed over the weekend as SOL registered a marginal increase on Saturday before dropping 1.66% on Sunday and settling at $137. Selling pressure intensified on Monday as SOL fell 4.55% and settled at $130. SOL made a strong recovery on Tuesday, rising over 7% and settling at $140. Selling pressure returned on Wednesday as the price fell nearly 3% and settled at $137. SOL is back in positive territory during the ongoing session, with the price up over 3% at $141.

Celestia (TIA) Price Analysis

Celestia (TIA) traded in bearish territory over the previous weekend, dropping 1.09% on Saturday and nearly 3% on Sunday to settle at $1.015. The price recovered on Monday, rising 2.45% to $1.040. However, selling pressure returned on Tuesday as TIA fell 8.99%, slipping below $1 and settling at $0.947. Sellers retained control on Wednesday as the price fell over 2% to $0.926. Selling pressure persisted on Thursday and Friday as TIA fell 2.46% and nearly 6% to settle at $0.850.

Source: TradingView

Price action was mixed over the weekend as TIA rose 1.16% on Saturday before dropping 3.52% on Sunday to settle at $0.830. Selling pressure intensified on Monday as the price fell almost 5% and settled at $0.791. Price action remained bearish on Tuesday and Wednesday as TIA fell over 4% to $0.759. TIA is marginally down during the ongoing session, trading around $0.760.

Arbitrum (ARB) Price Analysis

Arbitrum’s (ARB) price action was mixed over the previous weekend, dropping 0.43% on Saturday before rising 0.37% on Sunday to settle at $0.299. The price continued pushing higher on Monday, rising 2.47% and settling at $0.306. Selling pressure returned on Tuesday as ARB fell over 10% and settled at $0.275. Sellers retained control on Wednesday as the price fell nearly 6% to $0.259. ARB fell almost 6% on Thursday and almost 3% on Friday, settling at $0.237.

Source: TradingView

Price action was mixed over the weekend as ARB rose 1.56% on Saturday before falling 2.28% on Sunday and settling at $0.235. The price returned to bearish territory on Monday, dropping almost 4% and settling at $0.226. Buyers returned to the market on Tuesday as ARB rose 4.72% to $0.237. However, it lost momentum on Wednesday, dropping 3.37% to $0.229. The price has increased by over 2% during the ongoing session, trading around $0.234.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.