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1 December 2022
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Bitcoin

Bitcoin Defends $20K While Ethereum Name Service (ENS) Soars 11% Daily: Market Watch

Bitcoin’s price consolidates above $20,000 on a relatively calm day where the best performer seems to be Ethereum Name Service (ENS).

The past 24 hours saw Bitcoin’s price consolidate above $20,000 while also defending an attempt by the bears to push it back below the coveted level.

At the same time, the altcoin scene is also relatively calm, with XRP pushing towards $0.5 and being the best performer of the top alternative coins by means of total market capitalization.

BTC Defends $20K and Consolidates Above

At the time of this writing, BTC’s price trades at around $20,200, up some 0.6% over the past 24 hours. The important thing to notice is the subsequent daily close above the important $20K level.

Also, the bears attempted to push the price below it, bringing it as low as $19,730 (on Binance), but the bulls were determined to defend and prevented further declines, as evident in the chart below.

img1_btc_chart_06101
Source: TradingView

It’s very important for the cryptocurrency to sustain its price above $20K if there would be any chances for a push higher.

Altcoins Calm, ENS Explodes 11

The broader cryptocurrency market was also relatively calm over the past day. The majority of altcoins are consolidating, with a few exceptions.

img1_heatmap_06101
Source: Quantify Crypto

XRP continues to perform very strongly, up another 3% in the past 24 hours and pushing for $0.50. This is a major obstacle for the cryptocurrency, and if successful in surpassing it, this could open up the path to higher levels.

At the same time, Ethereum Name Service’s token – ENS – soared by some 11% today. This also makes it one of the best performers, followed by EVMOS. Interestingly enough, yesterday, EVMOS was the cryptocurrency that performed worst. This is further backed by the fact that despite the 11% increase, it’s still down 10% on the week.

In any case, the sentiment in the broader cryptocurrency market remains fearful, albeit slightly improved compared to yesterday and last week

News Source

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