Last updated on November 19th, 2023 at 11:07 am
Today’s crypto market analysis for November 9 shows a continuous bullish rally that has excited crypto investors and traders. The global crypto market cap has spiked by 2% over the last day, raising its value to $1.36 trillion.
However, we are faced with the question of how long the trend will last. An overlook at the market shows that the bulls (buyers) are taking over.
Bitcoin reached a new year high by surpassing $37,000, surging as high as $37,800. The second-largest cryptocurrency in the market, Ethereum (ETH) is one of the top gainers today with its value crossing the $2,000 mark, trading at $2,040.
On the other hand, Binance Coin (BNB) has only enjoyed a slight uptick with its value dropping by 0.63% in the last 24 hours while maintaining a 6.32% increase in the last week.
How long will the bullish trend last? Let us analyze.
Bitcoin (BTC) price analysis
Since the past day, Bitcoin’s price has grown by 2.52%, currently changing hands at $36,697 according to data from Coinstats. A close view of the BTC daily chart shows that Bitcoin has passed the nearest level of $35,968.
At press time, there are no bearish signals for Bitcoin which indicates a likely continuous surge. Consequently, the coin’s price might grow as far as $40,000 soon.
Ethereum (ETH) price analysis
The second-largest cryptocurrency by market cap, Ethereum has surpassed Bitcoin in gains. At press time, the price of ETH is up by 7.53% over the last 24 hours. Additionally, ETH has maintained a 12.76% increase in the last 7 days according to CoinMarketCap data.
On the chart, Ethereum is currently having a similar trend to BTC. There are no reversal signals yet. This means that if the bulls (buyers) can hold the price above the critical $2,000 zone, then the trend is likely to continue to the $2,140 resistance zone soon.
At the time of writing, Ethereum is trading at $2,075.
BNB price analysis
Binance Coin (BNB) has also enjoyed the market rally even though its gains are not as significant as those of Bitcoin and Ethereum. According to live data, the price of BNB is up by 0.6% in the last 24 hours.
On the daily chart, if buyers can maintain control until the end of the day, then the BNB candle might close in the bullish zone. Should that occur, traders should expect to witness a test of the $261 level in the coming days.
At the time of writing, BNB is currently trading at $248.
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