Bitcoin Price Analysis on November 6th: Volatility Reduction and Stellar Manipulation

The chart is still in a tapering triangle, testing its resistance and support zones. Sellers are loosening their grip as lows are continually rising. But buyers are losing strength, judging by the declining highs. It indicates a decrease in volatility, which yesterday amounted to $250.

On the Fibonacci grid, 0.618 is still the critical level, which becomes either the support level or the resistance level. Many market participants now prefer to wait out the situation in fiat or stablecoins.

However, given the absence of any significant news after October 25, which could support the growth of bitcoin, our analytical department is inclined to further reduce the price.

Market Capitalization and Altcoin Dynamics

The total market capitalization has not changed and is at around $252 billion. Trading volume decreased by more than 2% and amounted to $89 billion at the time of writing. Along with this, we see that the dominance of bitcoin also continues to decline — 66.7%.

It follows that the altcoin market has grown relative to bitcoin. Besides, in the Top-100, more than 70 coins showed growth relative to the dollar. The leaders were Lambda (22.5%), Dragon Coins (22%), and Algorand (17.1%). These coins have passed its bottom and are now starting to grow, which can last a considerable time.

However, it is not happening from scratch, but because of some events. So, Lambda has grown due to a competition during which it will distribute its cryptocurrency. And the growth of Algorand is associated with the addition to Binance Staking, which means the ability to put ALGO on balance and become a miner.

The leader of the fall was Chiliz that topped the three growth leaders yesterday. At the moment, the coin is being adjusted exactly after yesterday's increase. Also, CHZ became the only coin in the Top-100, which lost more than 10% of its value.

Important news came out yesterday on the Stellar: the project team decided to burn 50 billion XLM coins, almost halving the number of coins. It caused a violent community reaction because such actions indicate a high centralization of the network and possible manipulations. As a result of this process, we saw that the Stellar rate rose sharply by 27%.