23 Nov 2022 · 4 min read

Bitcoin Price and Ethereum On The Rise, El Salvador to Issue Bitcoin Volcano Bonds

On November 23, the leading cryptocurrency, Bitcoin, showed signs of new recovery, having broken through the downward trendline and 50-day moving average to trade near $16,500. Similarly, Ethereum, the second-most valuable cryptocurrency, has followed Bitcoin's lead and pumped over 5% to 1,163.

Major cryptocurrencies were trading in the green early on November 23, as the global crypto market cap increased 3% in the previous day to $819.18 billion. In contrast, total crypto market volume fell 5% in the last 24 hours to $62.21 billion.

The total volume in DeFi was $4.61 billion, accounting for 7% of the total 24-hour volume in the crypto market. The total volume of all stablecoins was $59.00 billion, accounting for 94% of the total 24-hour volume of the crypto market.

Let's take a look at the top 24-hour altcoin gainers and losers.

Top Altcoin Gainers and Losers

Litecoin (LTC), Curve DAO Token (CRV), and Dash (DASH) are three of the top 100 coins that have gained value in the last 24 hours. The LTC price has soared by more than 29% to $80.50, the CRV price has grown by more than 28% to $0.6465, and the DASH price has increased by nearly 20%.

Top Altcoin Gainers and Losers - Source: Coin360 

Three of the top 100 coins that have lost value in the last 24 hours are BinaryX (BNX), Chain (XCN), and TRON (TRX). BNX has dropped more than 10% to $144.09. In the last 24 hours, XCN has dropped more than 1% to $0.0420.

El Salvador to Issue Bitcoin Volcano Bonds

Maria Luisa Hayem Brevé, El Salvador's Minister of the Economy, has introduced a measure to legalize the issuing of digital assets, clearing the way for the sale of the country's first "volcano" bonds, which are backed by bitcoin.

This groundbreaking program, which was first launched exactly one year ago today, is aimed at luring investors and financial resources to El Salvador.

Plans to issue $1 billion in bonds on the Liquid Network, a federated Bitcoin sidechain, were announced at the time, with half of the proceeds going toward buying bitcoin outright and the other half going toward expanding the region's energy and bitcoin mining infrastructure.

A sidechain is a separate blockchain that operates in tandem with another, allowing tokens from the first blockchain to be used safely on the second blockchain despite the fact that the sidechain operates under a different set of rules, has different performance requirements, and uses different security mechanisms.

Liquid is a Bitcoin-compatible sidechain that enables bidirectional Bitcoin transactions across the Liquid and Bitcoin networks. L-BTC is short for "Liquid Bitcoin," which is the Liquid network's representation of bitcoin.

The network's participants, known as "functionaries," control and safeguard a quantity of BTC that is verifiably comparable to the amount in question.

Bitcoin Price 

The current Bitcoin price is $16,175, and the 24-hour trading volume is $33 billion. Bitcoin has increased by more than 2% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $310 billion. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,214,437 BTC coins.

Bitcoin Price & Tokenomics - Source: coinmarketcap

On the technical front, Bitcoin has broken through a downward trendline at $16,350, and a bullish breakout of this is exposing BTC price to the $17,000 target. 

On the 4-hour timeframe, Bitcoin formed a bullish engulfing candle and also violated a descending triangle pattern, indicating the possibility of an uptrend continuation. 

Bitcoin Price Chart - Source: Tradingview

Because the RSI and MACD are both in a buying zone, we can expect the uptrend to continue. Further up, a break of the $17,000 level could propel BTC to the $17,600 level.

On the downside, Bitcoin's support remains at $16,000, and a breach of this level could send BTC down to $15,670.

Ethereum Price 

The current price of Ethereum is $1,161, with a 24-hour trading volume of $12 billion. In the last 24 hours, Ethereum has gained over 5%. CoinMarketCap currently ranks #2, with a live market cap of $142 billion. It has a circulating supply of 122,373,866 ETH coins and no maximum supply.

Ethereum Price & Tokenomics - Source: coinmarketcap

Ethereum is attempting to reclaim the $1,200 level on the 4-hour chart. The ETH/USD has recovered from the $1,080 support level and is now heading north toward the $1,185 level.

On the 4-hour timeframe, the ETH/USD pair has formed bullish engulfing candles, indicating the possibility of an uptrend. However, Ethereum must break above $1,190 before we can expect more buying until $1,235 or $1,290.

Ethereum Price Chart - Source: Tradingview

On the downside, Ethereum is likely to find support near $1,120, and a break below this level could send ETH as low as $1,080 or $1,030.

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Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker - Source: Cryptonews