Ethereum and Bitcoin Price Surge, El Salvador Plan to Issue BTC Volcano Bonds

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On the 23rd of November, Bitcoin, the leading crypto, showed indications of a new revival from its previous decline, having broken in the downward trendline and a fifty-day moving average to trade at almost $16 500. In the same way, Ethereum, the 2nd most valuable coin, has followed BTC’s lead and pumped more than 5 percent to 1 163. 

Major digital assets were trading in the green in the early hours of the 23rd of November, as the international crypto market cap raised 3 percent in the past day to $819.19B. On the contrary, the total cryptocurrency market volume dropped by 5 percent in the last twenty-four hours to $62.21B. 

The total number in decentralized finance was $4.61B, accounting for 7 percent of the whole 24-hour number in the crypto market. The total number of all stablecoins was $59.00B, accounting for 94 percent of the total 24-hour volume of the token market. 

Let’s see the top 24-hour altcoin losers and gainers: 

Three of the top 100 tokens which have gained price in the last twenty-four hours are Litecoin, Curve DAO, and Dash. The value of LTC has soared by over 29 percent to $80.50, the price of CRV has risen by over 28 percent to $0.6465, and the value of DASH has augmented by almost 20%.

BinaryX, Chain, and Tron are three of the top cryptocurrencies which have lost in the last twenty-four hours. BNX has declined over 10% to $144.09, and XCN has declined over 1% to $0.0420 in the last 24 hours. 

In spite of the drop in price, El Salvador plans to issue Bitcoin Volcano Bonds. Minister of the Economy of El Salvador, Maria Luisa Hayem Breve, has presented a measure to legalize the issuing of crypto, clearing the way for the sale of their first volcano bonds that are supported by Bitcoin. 

The groundbreaking plan was first presented one year ago and is aspired at enticing investors as well as financial resources to the country. 

Plans to issue one billion in bonds on the LN or Liquid Network, a united Bitcoin sidechain, were presented at the time, with 50 percent of sales will go to purchasing BTC outright, and the other 50 percent will go to expanding the energy and BTC mining infrastructure of the region. 

A sidechain is a separate blockchain that works along with another, which allows coins from the first blockchain to be utilized securely on the 2nd blockchain in spite of the sidechain working under different rules, having different performance needs, and utilizing different safety mechanisms. 

The liquid is a BTC-compatible sidechain that allows bidirectional BTC transactions across the Bitcoin and Liquid networks. Liquid Bitcoin, or L-BTC for short, is the Liquid Network representation of BTC. 

Bitcoin Price 

The price of Bitcoin at present is $16, 175and the twenty-hour trading volume is $33B. BTC has risen by over 2 percent in the last 24 hours. At present, CoinMarketCap ranks first with a live market capitalization of $310B with a total supply of about 21,000,000 BTC tokens and a circulating supply of about 19,214,437 BTC coins.

Bitcoin has broken in a descending trendline at $16,350, and an optimistic running off of this is revealing BTC value to the $17,000 target. In just a matter of 24 hours, BTC created an overwhelming bullish candle and also infringed a descending triangle pattern, showing the chance of an uptrend carry-over.

On the negative aspect, Bitcoin’s support stays at $16,000, and a break can lead to a price of $15,670.

Ethereum Price 

At present, Ethereum has a price of $1 161 with a twenty-four-hour trading number of $12B. In the last hours, this coin has gained more than 5 percent and ranked #2 on CoinMarketCap.

This crypto is trying to get back the $1 200 level on the four-hour char. The ETH/USD has recovered from the $1,080 support level and heading north to the $1,185 level.

In the four-hour time frame, ETH/USD pair has created bullish engulfing candles, showing the chance of an uptrend. But, this coin should break more than $1 190 prior to expecting more buying until $1,290. On the negative aspect, Ethereum tends to find support close to $1,120.

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