“As BTC is looking good to close November below the expected target of $60,000, investors are optimistic that the cryptocurrency will repeat its historic trend of ending the year on a stellar bullish note,” Nikita Rudenia, co-founder of asset management firm 8848 Invest, wrote in an email to CoinDesk.
In a recent tweet, Genesis Volatility themselves noted a large amount of short-term put purchases,” Delphi Digital wrote in a Tuesday blog post.
Bitcoin’s market capitalization relative to the total crypto market capitalization, or dominance ratio, has declined about 10% over the past two months to the lowest level since September.
Ether, the world’s second-largest cryptocurrency by market capitalization, was approaching $4,800, near its all-time high, and was up about 5% over the past 24 hours.
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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis.
Tracy Wang is a senior reporter at CoinDesk.
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