TA’ XBIEX, Malta – Binance and FTX were big winners in the November derivatives market. Bitcoin and altcoins are also expected to win big this Christmas week.
A recently released CryptoCompare review showed that Binance went up by 55% in terms of total monthly derivatives volume. The exchange platform holds the distinction of having the largest gain. FTX was hot on Binance’s heels though with an increase of 46.5%. Huobi, with its 10.4% gain, was the only other platform that saw positive numbers.
FTX’s stellar performance further highlighted why it caught Binance’s attention. Binance CEO Changpeng Zhao stated last week that he can see FTX’s potential to become one of the crypto derivatives market’s main player.
Binance is also set to invest in FTX.
Bitcoin and other altcoins were also big winners this week. Bitcoin price advanced in the lead up to the Christmas holiday. The coin moved past the USD 7,350 resistance. The BTC/USD pair was bullish and pushed past the USD 7,550 resistance. Sellers are now at USD 7,650.
The crypto’s price is presently correcting lower but it has support at the USD 7,400 and USD 7,350 levels. The week’s main support is near the USD 7,200 level. Any lower than that and the coin will turn bearish.
It appears that the week is starting with many altcoins on a slow but steady road to recovery. The price of Ethereum (ETH) has pushed past the USD 130 and 132 resistance levels. But the ETH/USD pair is now correcting lower and is selling at almost USD 135.
The downside is the pair has supports near the USD 130 and 125 level. But the upside is that zooming past the USD 135 resistance will see the bulls aiming at USD 142 and 145.
Bitcoin Cash (BCH) price is also stable and remains steady above USD 180. BCH/USD is trading near the USD 195 zone and has to surpass resistance levels at USD 200 and 205 to move into bulls territory.
Litecoin has consolidated over the USD 38.00 support level and is continuing to rise. The LTC/USD pair traded past the USD 40.00 resistance and is inching towards the USD 42.50 and 43.20 resistance. Its weekly resistance is pegged at USD 45.00, with support levels at USD 38.00.
Compared to BTC and ETH, XRP price remains week. The XRP/USD pair recovered past the USD 0.192 and 0.195 resistance levels. But the pair is having problems pacing with the USD 0.200 and 0.202 levels.