Bitcoin Price and Ethereum Pumps 10%; US Consumer Confidence Shakes Again
Despite the market's continued FUD, Bitcoin, the leading cryptocurrency, continues to trade bullish above the psychological level of $16,000 and has placed a high of $17,000 on November 30. Similarly, Ethereum, the second-most valuable cryptocurrency, is also on the rise, having reached $1,270 after violating a symmetrical triangle pattern.
Major cryptocurrencies were trading in the green early on November 30 as the global crypto market value increased over 4% in the previous day to $853 billion. In contrast, the total crypto market volume fell nearly 1.0% in the last 24 hours to $47.37 billion.
The overall volume in DeFi was $2.89 billion, accounting for 6% of the total 24-hour volume in the crypto market. The total volume of all stablecoins was $44.77 billion, accounting for 94% of the total 24-hour volume of the crypto market.
Let's take a look at the top 24-hour altcoin gainers and losers.
Fantom (FTM), Huobi Token (HT), and ImmutableX (IMX) are three of the top 100 coins that have gained value in the last 24 hours. The FTM price has soared by more than 10% to $0.2385, the HT price has grown by more than 5% to $7, and the IMX price has increased by nearly 5.5%.
UNUS SED LEO (LEO), Celo (CELO), and BinaryX (BNX) are three of the top 100 coins that have lost value in the last 24 hours. Whereas LEO has lost over 7.5% to trade at $3.78, CELO is down nearly 3% to trade at $0.65. At the same time, the BNX price is down over 2% to trade at $142.
Given the negative correlation between the US dollar and cryptocurrencies, a drop in the US dollar typically prompts buying at the top cryptos.
The preliminary University of Michigan consumer sentiment for the United States was raised higher to 56.8 in November 2022 from 54.7, exceeding
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