Reading time: ~2 m
Bitcoin and Ethereum suffered significant losses in November: BTC reached a global low of $15,480 by November 21, while ETH settled at $1,074 by November 23. However, according to CryptoCompare, in the second half of this year, the main altcoin overtook bitcoin in terms of market dynamics. Ethereum recorded a return of 22.4%, while the return of Bitcoin was -10.8%.
Last month, when FTX crashed and investors suffered multi-billion dollar losses, the yield gap between these assets was the largest in all of 2022. The holders initiated a massive wave of sales on the market, and therefore in November BTC lost about 16.3% in price. This was the worst monthly performance since June 2022, when the flagship crypto asset traded near the $18,288 level.
Experts also focused on the fact that last month there was a record outflow of BTC coins from centralized platforms, which exceeded 91.5 thousand Bitcoins. At that time, many holders lost confidence in platforms like CEX, preferring to withdraw their assets to cold storage.
Earlier, the editors of Crypto.ru informed: the cryptocurrency community continues to discuss the market situation. Analysts noted that so far the flagship of the crypto market cannot stay above $17,000. However, the first technical hints have appeared that indicate the imminent approach of the global bottom.
In particular, they pointed to the global divergence of MACD, which confirms the forecasts of specialists. It is noteworthy that this signal worked perfectly in 2015 and 2018. Well-known expert Mikael van de Poppe suggested that in the current conditions it is better to wait for a correction closer to $16,500. In this case, you can consider opening long trades.
#Ethereum #overtaken #Bitcoin #growth #dynamics