The past week on the cryptocurrency market was full of emotions and important events that may significantly affect the future of the industry. Bitcoin reached historic highs, Ethereum and XRP recorded impressive gains, and Solana maintained exchange rate stability. Here is a detailed analysis of the most important events and trends by Sebastian Selig from zondacrypto.com.
Bitcoin: Records, corrections and institutional support
Bitcoin started the week with spectacular gains, reaching a record price of $99,849.99 on Friday, November 22, which was the highest level ever. However, in the following days there was a correction – the price dropped to approximately USD 93,000 on Tuesday, November 26. On Wednesday, November 27, Bitcoin rebounded to exceed $96,000, marking an increase of almost 6% compared to the previous days.
Price increases prompted many investors to take profits, which created selling pressure. Monday saw the third-biggest day of bitcoin ETF outflows in history. Despite the correction, institutions continue to show strong interest in Bitcoin. MicroStrategy announced the purchase of additional BTC worth $5.4 billion, which could support the price in the longer term.
Bitcoin has appreciated by 124% since the beginning of the year, and analysts predict that it could reach $100,000 before the end of the year. The current long-term support is at $74,000 and the market is moving aggressively and dynamically, creating the so-called steps, characterized by rapid increases and short periods of consolidation.
Ethereum: Strong growth and domination in DeFi
Ethereum (ETH) has been a standout this past week, reaching $3,565 on November 29. Over the past seven days, the price of ETH has increased by approximately 10%, and at its peak it reached $3,685, an increase of 13% in two days.
Factors driving growth include: interest in ETFs, or the fact that spot ETFs on Ethereum attracted as much as USD 224.9 million in net capital. Ethereum also remains the dominant platform for decentralized finance (DeFi), which supports the value of the platform.
XRP: Approaching Key Resistance
XRP also saw significant gains, reaching a price of $1.6087 on November 29. Over the last week, the token gained about 30%, and in November its value increased by as much as 262%. XRP is approaching a key resistance level at $1.6. Breaking this level could open the way to further increases towards USD 2. Interest in potential XRP ETFs is also growing, which increases investor optimism. In addition, the expected change in the position of the SEC chairman may influence the perception of XRP as a more stable asset.
Solana: Stability in the face of volatility
Solana (SOL) continued to hold steady, trading at $238.99 on November 29. Over the past week, the price has increased by about 0.5%, indicating resilience in the face of volatility in other assets.
Solana remains one of the leading platforms for DeFi and NFT projects, which attracts investors. Increased investor interest in memcoins and the development of Solana-based projects support its long-term potential.
Stablecoins with record capitalization
The stablecoin market has reached a new record in capitalization, the first in over two years. Tether (USDT) remains the leader, controlling over 50% of the market. USDT capitalization increased by 10.5%, reaching $133 billion. Stablecoins are playing an increasingly important role in the cryptocurrency ecosystem, providing stability in a volatile market environment.
ZND Token Burn: A New Chapter in the Ecosystem
Last week, as many as 5,600,000 ZND tokens were burned, which are currently worth USD 4,256,000! This is an important step in the development of the ZND ecosystem, which aims to increase the value of the token by reducing its supply.
You can see details of the combustion transaction on Etherscan.
But this is just the beginning! Already in December, a special pool mechanism will be launched, from which part of the tokens will be burned every month, and part will be allocated to airdrops for the most loyal users of the ZND ecosystem.
Summary: A dynamic week full of emotions
The past week on the cryptocurrency market was full of emotions and dynamic changes. Bitcoin reached all-time highs and then underwent a correction, which caused mixed sentiment among investors. Ethereum stood out with strong gains thanks to growing interest in ETFs and DeFi fundamentals, while XRP approached a key resistance level. Solana maintained stability, and stablecoins reached new capitalization records.
Additionally, the ZND ecosystem introduces innovative mechanisms such as regular token burning and airdrops, which can attract new users and increase the value of the token.
Despite the volatility, the cryptocurrency market is showing its strength and potential for further growth. However, investors should exercise caution by monitoring both fundamentals and changing market conditions.
Will Bitcoin hit $100,000 before the end of the year? Will Ethereum maintain its dominance in the DeFi market? The coming weeks may bring answers to these questions. One thing is certain – the cryptocurrency market is not slowing down.
You can buy Bitcoin and other cryptocurrencies in a simple and safe way on the zondacrypto exchange.
