There hasn’t been much progress in the cryptocurrency market’s efforts to get back on track after the recent drop. The total value of all cryptocurrencies on the market has increased by 1.6% in the last 24 hours, to $872 billion, but is still below the magical $900 billion mark. Since interest rates are expected to rise again next month, it seems unlikely that the markets will make any progress in the near future. Nonetheless, there are crypto tokens to watch that deserve investor attention this Thanksgiving.
Crypto projects to watch over the holidays
Litecoin (LTC):
As one of the first and most successful cryptocurrencies, Litecoin has stayed at the top of the list of the top 100 digital coins in terms of market value. Numerous strategies exist for accomplishing this. Investors who once backed Solana (SOL) but have since given up on the project may now be backing Litecoin (LTC). In addition, in August 2023, LTC will be cut in half. Even Bitcoin (BTC) maximalist Micheal Saylor said that LTC is like a digital commodity like BTC.
There are, however, indicators that the current upswing in LTC may not be sustainable. On November 22nd, the weekly RSI for the LTC/BTC pair climbed above 70. Overbought is commonly defined as an RSI reading of 70 or higher.
Trading at $77.40 at press time, LTC was up 34.4% week-over-week.
Binance Coin (BNB):
Recently, the price of the cryptocurrency token used on the largest exchange in the world has gone up a lot. Lots of people are still unsure about exchanges and tokens for exchanges after the FTX crash. By publishing its proof of reserves, Binance may have boosted investor sentiment.
Binance is also beginning a new initiative. Perhaps the recent upswing is a response to that.
BNB was trading at $299.28 at press time, up 9.5% in the previous 24 hours.
Bitcoin (BTC):
Always keep a close watch on the underlying crypto. A reversal in BTC’s chart trend is good news for the markets as a whole, given that they tend to follow BTC’s lead. Bitcoin, however, is at a particularly precarious stage right now. As the token’s price drops back below $16,000, investors are on high alert. This could be bad for veteran traders but great for newcomers looking to buy Bitcoin at a discount.
At the time of writing, one bitcoin was worth $16,685.05, a 1% increase from the previous day’s trading price.
Source: Watcher.guru
Disclaimer: This isn’t financial advice; it’s just for education. Crypted Crypto can’t guarantee its accuracy. Every investment and trade carries some risk, so always do your own research. Invest only what you can afford to lose.
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