Bitcoin Stabilizes Near $60K As Altcoins Hit Highs
Altcoins

Bitcoin Stabilizes Near $60K As Altcoins Hit Highs

Whether Bitcoin is near the middle or the end of a correction is up for debate; altcoins Crypto.com Coin and Avalanche soar on big news.

Bitcoin Stabilizes Near $60K As Altcoins Hit Highs

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Bitcoin managed to hold the line near $60,000 going into the wee hours this morning, after dropping 15% from its November 10 all-time high.

Whether it holds that line is up for debate: Dutch trader Michaël van de Poppe suggested on November 16 that the "Sweet spot [is]around $51-53K to end this correction," which he called "healthy."

CryptoQuant analyst Jan Wuestenfeld suggested the latest drop was more about flushing out "excessive leverage in the system," suggesting a steep drop is unlikely.

Which isn't the same as being bullish. Popular analyst PlanB appeared to backpedal from an earlier prediction that bitcoin would end November just below $100,000 — clarifying that $98,000 was not based on the stock-to-flow model for which he is best known.

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Altcoins on the Move

Big news helped altcoins Crypto.com Coin and Avalanche hit new all-time highs on Wednesday.

Crypto.com reached $0.59, up more than 26% on the day, after a $700 million deal that will see the Los Angeles Staples Center renamed the Crypto.com Arena.

And Ethereum competitor Avalanche cracked above $110 — up as much as 15%. That came on news of a new "partnership with @Deloitte to build more efficient disaster relief platforms," tweeted by Ava Labs Founder and CEO Emin Gün Sirer on November 16. 
Aimed at giving "state and local officials a decentralized, low-cost and fully immutable system … [that uses] the transparency of blockchain to minimize fraud, waste and abuse," Sirer added that the Close As You Go platform "combines the speed, resilience and adaptability of Avalanche, and Deloitte's Fortune 100 enterprise knowledge."