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Cryptocurrency markets are mostly showing red candlesticks while Bitcoin price struggles below the $8,500 mark.
Friday, Nov. 15 â Crypto markets are mostly showing red candlesticks, while Bitcoin (BTC) fails to impress as it crawls its way below the $8,500 price point.
Cryptocurrency market daily overview. Source: Coin360
For most of the day, the worldâs largest cryptocurrency has been trading within a tight range between $8,700 and $8,600, while taking a sudden swing below the $8,500 price mark during recent hours. Bitcoin is currently trading at a price of $8,480, showing a loss of 1.85% on the day.
Bitcoin daily price chart. Source: Coin360
Despite Bitcoinâs continued struggle to reach higher highs, Tom Lee, renowned Bitcoin bull, co-founder and Wall Street strategist at Fundstrat Global Advisors, said that he believes that Fundstratâs $25,000 by 2022 forecast for Bitcoin is still âquite easy to achieve.â He said:
âCryptocurrencies are network value assets, meaning the more people hold the asset, the greater the value. In fact, itâs a log function â so if you double the users hold it, you get a quadrupling of value. To go to $25,000 you essentially need a little less than 4x rise, which means you need to double the number of people who hold Bitcoin.â
Ether (ETH), meanwhile, is currently sitting at $180 per coin. The number one altcoin has been trading in perfect sync with BTC, showing downward price behavior leading to its current trading position, courtesy of a loss of almost 3% on the day.
Ether 7-day price chart. Source: Coin360
XRP, the third-largest coin by market capitalization, is no exception to todayâs trend of red candlesticks and has been consistently losing ground in the past few days. The token sits at around $0.261 per coin, down 3.20% on the day at press time.
According to regular Cointelegraph contributor Rakesh Upadhyay, XRP price is in danger of dropping to the next support at $0.24508. Upadhyay said that if this support holds, the altcoin will remain range-bound between $0.24508 and $0.31491 for a few more days. However, if the support cracks, a drop to $0.22 is likely.
XRP 7-day price chart. Source: Coin360
Itâs a red day for the top 20
Most of the top 20 coins are showing red candlesticks, with Tezos (XTZ) taking the title of biggest loser, showing a loss of more than 5% on the day. Monero (XMR) follows closely with a similar loss on the day, and is trading at $62.5 per coin.
The only exception is Cardano (ADA), the 12th largest cryptocurrency by market cap, up 2.5% in the last 24 hours.
The overall cryptocurrency market cap currently sits around $232.7 billion, with Bitcoin making up 65.9% of the total.
Keep track of top crypto markets in real time hereDisclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.