Market Update: Bull Trap Warnings After Bitcoin Shoots Above $18k Handle

Digital asset markets have recaptured some of the losses taken three days ago, as a great majority of the crypto economy has started to rebound after the market rout. Bitcoin has climbed above the $18k handle once again and a myriad of crypto assets are up between 1-6% during the last 24 hours.

After dropping to a low of $16,300 per coin, bitcoin (BTC) has rebounded 11.3% to where the price stands today at $18,138 per unit. BTC is still up 33% for the last 30 days, 54% for the last 90 days, and 139% against USD for the last 12 months. Bitcoin’s dominance index, in comparison with the 7,500+ crypto assets’ market caps, is currently just above the 63% handle.

Market Update: Bull Trap Warnings After Bitcoin Shoots Above $18k Handle The entire crypto-economy on Sunday, November 29, 2020, is hovering around $526.5 billion and there’s roughly $30.50 billion in global trade volume today. The biggest cryptocurrency gains today were captured by zap (ZAP), which is up 71% in 24 hours. The largest losses today stem from carvertical (CV), which is down over 59% on Sunday morning (EST).

Market Update: Bull Trap Warnings After Bitcoin Shoots Above $18k Handle

The second-largest market cap held by ethereum (ETH) is up 5.17% today, but ETH is still down a touch less than 1% for the last seven days. ETH is swapping for $555 per ether and holds a $63 billion market valuation.

XRP is trading for $0.61 per coin and is up 0.39% on Sunday morning. Still, XRP commands a $28 billion market capitalization and is up 39% during the last seven days.

Bitcoin cash (BCH) holds the fifth-largest market cap below the stablecoin tether (USDT) and is currently trading for $281 per unit. BCH is still down some during the past 24 hours, but is up 7.5% for the week. The crypto asset bitcoin cash (BCH) has a market valuation of around $5.23 billion on November 29, 2020.

Market Update: Bull Trap Warnings After Bitcoin Shoots Above $18k Handle

As BTC jumps back to the levels gained last week, a few analysts believe that altcoins will catch up as well.

BTC is back at its all-time high levels, but what is worth noting is the valuation of the altcoins which are on average still…

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