🌎 Crypto Market Hits $2.85T as Bitcoin Nears $80K

The past week marked a significant bullish period for the cryptocurrency market, with the global crypto market cap surging to $2.85 trillion by the weekend.

Bitcoin Leads the Rally

Bitcoin spearheaded this rally, breaking past its previous all-time high and nearing the $80,000 mark following the recent U.S. presidential election. This event placed Bitcoin in a price discovery phase, contributing significantly to the overall market valuation.

Top Performers of the Week

Ethereum Breaches $3,000

Ethereum capitalized on the market uptrend, reclaiming multi-month highs. Initially, Ethereum saw a drop of 2.8% on Nov. 4, but it closed the week with a substantial 27.3% gain.

Most gains occurred on Nov. 6, with Ethereum soaring 12.49%, marking its largest intraday gain in three months. This momentum enabled Ethereum to surpass the resistance at the upper Keltner channel and the $3,000 mark, closing the week above $3,100.

However, this position suggests a potential pullback to the $2,981 support if the momentum wanes. The altcoin’s RSI surged to 75.62, confirming an overbought condition but also indicating room for further growth if bullish control persists. The next major resistance stands at $3,396.

Shiba Inu Spikes 21%

Last week’s gains also influenced the Shiba Inu market, allowing the meme coin to rally by 21%, marking its most bullish weekly run in over a month.

Despite joining the broader uptrend on Nov. 5, Shiba Inu did not surpass the $0.00002 psychological resistance until Nov. 9. The coin maintained this level, closing the week at $0.00002050.

The meme coin’s MACD recorded a bullish crossover on Nov. 6, signaling increased positive momentum and the potential continuation of the upsurge. Shiba Inu is now trading above $0.000022. The next major resistance is at the June peak of $0.00002622. Immediate support is at the 23.6% Fibonacci levels around $0.00002157, with further support at $0.00002055.

Sui Claims New ATH

Sui, the native token of the layer-1 blockchain of the same name, reached a new all-time high of $3.14, surpassing its previous peak of $2.36.

Sui spiked by 20% on Nov. 9, entering the $3 price territory for the first time since its launch. The new all-time high of $3.14 was achieved at the beginning of the new week before pulling back to the $3.1 level.

The asset has shown a consistent upward trend, with higher lows observed since last week. Its Stochastic Momentum Index rose to 79.1, indicating approaching overbought levels. Investors should monitor the $2.75 support in case of a pullback.