Cryptocurrencies to Watch for the Week of November 13
, 2022-11-14 12:00:09,
This past week was once again a reminder of how risky the cryptocurrency market can be and how in many ways, it is still “the wild wild west.” The collapse of the world’s second-largest crypto broker, FTX, and Sam Bankman-Fried’s (FTX’s CEO) $16 billion net worth wipeout is still an ongoing and developing story where new pieces of information are being released every day. What we do know for sure, though, is that this has been one of the largest capital losses of all time, and the effects of this crush are being felt all across the cryptocurrency market.
As a follow-up to last week’s article, this piece will go over the cryptocurrencies to watch this week: Bitcoin (BTC-USD), Ethereum (ETH-USD), Ripple (XRP-USD), and Litecoin (LTC-USD).
Bitcoin (BTC-USD)
The collapse of FTX didn’t just affect its native FTX token (FTT-USD) but also Bitcoin and most of the other cryptocurrencies.
With the release of the news, the biggest crypto by market cap broke below the support level at $18,000. This was the first time Bitcoin sellers were strong enough to push below this level since June. From there, the way further down was fast and aggressive and led all the way to a new yearly low near $15,600. The last time the price was at this level was back in November 2020.
At writing, buyers have come into the market and managed to push the price a bit higher to around $16,700. If the bullish momentum continues this week, the next resistance level to watch is…
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