Published
5 months ago on
November 16, 2023
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The crypto bull market is really starting to make those in financial circles sit up and stare. Total crypto market cap hits $1.4 trillion as Kaspa, Render, and Solana put on a fireworks display.
Wednesday’s crypto pump possibly put the more seasoned crypto investors in mind of crypto bull markets of old. The bitcoin price drove well into the $37,000 area with a more than 5% gain, and a lot of cryptocurrencies even did a lot better than this.
Kaspa is king right now
Source: Trading View
As has been the case over previous days and weeks, Kaspa (KAS) has been one of the stars of this particular move upward by the crypto sector. Wednesday saw a 30% green candle with only a small wick to the upside by the end of the day.
Thursday morning witnessed another big 23% surge up and past the 1.618 level for this move. Some retracement has taken place, but at time of going to press price is moving upwards once again.
Render makes a higher high
Source: Trading View
Render (RNDR) reached a local top in mid-May before a deep 57% retrace took the price all the way back to $1.24. The large upside pump of Wednesday and Thursday enabled $RNDR to make a higher high. Currently just above the $3 level, $RNDR looks to be on course to hit the 1.618 fibonacci level at $4.
Solana: the Ethereum of the last bull market
Source Trading View
Solana is continuing to smash its way through resistance after resistance, piercing through $47 and now on its way to $79. It doesn’t look as if anything is going to stop Solana being the Ethereum of the last bull market.
Be that as it may, a deeper pull-back in the order of 30% or so will have to happen at some point. Crypto is still a miniscule market in comparison with equities, bonds, and other financial assets, so volatility is going to continue to be a concern. Trade wisely with proper risk management.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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