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Chart of the Day
After a failed attempt at an upside correction, the price of BTC has fallen back into the $57k resistance zone, and is currently trading above the 100-hourly simple moving average. The price of ETH is also moving in a similar fashion — the upward momentum that propelled ETH above the $4,300 handle did not sustain, and the second-largest crypto by market cap has now dipped back into its previous range. In the same vein, most Layer 1 tokens have also been experiencing relatively muted price actions throughout the month.
It's not all gloom for the crypto market in the month of November, though. Several altcoins, most notably CRO, are actually doing exceptionally well. Buoyed by bullish news on naming rights, the CRO token has clocked an impressive percentage growth of more than 300% since the start of the month, considerably overshadowing BTC and its recent lackluster performances. However, on-chain data does suggest that a reversal of fortunes seems to be on the cards for BTC. The percentage of illiquid BTC supply has surged past its previous highs in May, and is fast approaching 80%. The message is clear — the conviction of long-term BTC holders has weathered through the extreme ups and downs of past cycles, and it doesn't seem to be wavering anytime soon.