Bitcoin Price and Ethereum Back above $17,000 and $1,300

On December 5th, Bitcointhe leading cryptocurrency, has finally broken above the main resistance level of $17,000, and is now heading north to $17,600. Similarly, Etherealthe second most valuable cryptocurrency, it has broken the $1,300 barrier and is on its way to $1,350.

Major cryptocurrencies traded mixed early on Dec. 5, as the world crypto market capitalization rose 1.58% in the previous day to $865.67 billion. Over the last 24 hours, the total volume of the crypto market grew by 5.91% to $32.24 billion.

Total volume in DeFi was $2.42 billion, representing 7.49% of the total 24-hour volume in the crypto market. Total volume across all stablecoins was $29.19 billion, representing 90.52% 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

Three of the top 100 coins that have gained value in the last 24 hours are Chronos (CRO), Zeal (ZEAL)Y Litecoin (LTC). CRO price has risen nearly 12% to $0.071; CELO price is up more than 11% to $0.6955, and LTC price is up almost 7.5%.

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Major altcoin gainers and losers – Source: Coin360

Monero (XMR), USD Neutrino (USDN)Y TRON (TRX) they are three of the top 100 coins that have lost value in the last 24 hours. While XMR is down around 1.30% to trade at $144.50, USDN is down almost 1% to trade at $0.8890. At the same time, TRX price is down more than 0.50% to trade at $0.0535.

Bybit to Cut 30% of Workforce as Crypto Bear Market Deepens

Bybit, a centralized cryptocurrency exchange, has become the latest to lay off employees as the crypto winter continues. The company had already laid off workers in June this year. Bybit, a Singapore-based company, has announced layoffs.

Plus, it’s all part of the company’s ongoing restructuring effort. It is the latest cryptocurrency firm to change priorities as the bear market worsens. Bybit co-founder and CEO Ben Zhou made the statement on December 4, adding that the layoffs would affect all departments.

Kraken to Remove Over 1,000 Employees as Winter Crypto Drops Mount

Kraken co-founder and CEO Jesse Powell announced that the company would lay off nearly 1,100 workers, or 30% of its workforce, to “adjust to current market conditions.”

Specifically, Powell pointed to “macroeconomic and geopolitical concerns” as the main cause of disappointingly weak growth. He noted that the recent market downturn has decreased trade volumes, new subscriptions and customer demand.

Kraken claimed that it was forced to lay off many employees despite cutting personnel and marketing expenses. The Kraken layoffs mirror staff reductions at other cryptocurrency firms this month due to the bear market.

Unchained Capital (which laid off 600 people) and Coinbase (which laid off 60) are among the companies that have recently reduced their workforces. In the wake of the FTX crash, the most publicized example of market volatility this year, BlockFi filed for bankruptcy earlier this week.

The most popular cryptocurrency to US dollar exchange rate, BTC/USD, has hit a two-year low due to the crash.

Ultimately, this creates a bearish impact on the cryptocurrency market; however, the technical outlook is driving an uptrend in major cryptocurrencies.

bitcoin price

The current bitcoin price is $17,332, and the 24-hour trading volume is $19 billion. During the last 24 hours, the BTC/USD pair has gained over 1.5%, while CoinMarketCap it currently sits in first place with a live market capitalization of $363 billion, up from $357 billion yesterday.

It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,224,668 BTC coins.

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Bitcoin Price and Tokenomics – Source: coinmarketcap

the USD/BTC the pair has broken through the $17,250 barrier, traversing a narrow trading range of $16,800 to $17,250. The RSI and MACD indicators are in positive territory, and the 50-day moving average supports BTC at $16,800.

On the upside, Bitcoin is approaching the next resistance level at $17,650, and a break above this could expose BTC to $18,000. BTC has formed a bullish engulfing candle on the 4-hour time frame, just above above a rising trend line level of $17,000.

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Bitcoin Price Chart – Source: Tradingview

On the downside, Bitcoin support remains at $17,200, and a break below this level could take BTC to $17,000 or even lower to the $16,750 level.

ethereum price

The current price of Ethereal is at $1,296, with a 24-hour trading volume of $5.5 billion. In the last 24 hours, Ethereum is up almost 2%. CoinMarketCap is currently ranked #2, with a live market capitalization of $158 billion. It has a circulating supply of 122,373,866 ETH coins.

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Ethereum Price and Tokenomics – Source: coinmarketcap

On the 4 hour chart, Ethereal it is trading bullish above the psychological $1,250 level, and it is now trading bearish above and below the psychological $1,300 level.

The bullish bias remains strong, as the 50-day moving average is near $1,250. The RSI and MACD have recently entered the buy zone, indicating a good opportunity to go long.

Ethereum Price Chart – Source: Tradingview

The increased demand for ETH has the potential to push its price up to the resistance level of $1,350. If ETH fails to close the candles above the $1,300 level, the price may drop towards the $1,250 or $1,220 support zones.

Keep an eye on the $1,300 level, which is likely to act as a pivot point today.

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Cryptocurrency Price Tracker – Source: cryptonews