Bitcoin Tests $48,000, Crypto Market Stays in Green

Key altcoins rally, Ethereum continues above $3,200, market likely to see rise in all cryptos

Bitcoin Tests $48,000, Crypto Market Stays in Green
Bitcoin Tests $48,000, Crypto Market Stays in Green

The global market cap consolidated near $2 trillion on Sunday morning, gaining a modest 0.5 per cent, post a spectacular week led by Bitcoin (BTC) marching past $47,000 after days of range-bound movements and growth in the altcoin market. The total trade volume across exchanges registered a gain of 4 per cent with investors showing confidence in the wake of the market shifting to extreme greed in the Greed and Fear Index.

BTC touched the $48,000 mark briefly post noon to be pulled down by the bears to sub-$46,000 levels. The price action implies that BTC is currently facing psychological resistance at the $48,000 mark. It closed its daily candle at $46,700, registering a minor dip of 1.6 per cent from the previous day. BTC trade volume dipped slightly by 3 per cent in the last 24 hours. BTC's support level is forming at $45,000.

Ethereum (ETH) sustained its weekly gains to continue above the $3,200 mark with a modest dip of 1.3 per cent. ETH needs to pull above the $3,300 level to aim for $3,600 next. Its next resistance stands at $3,380 while it enjoys support above the $3,000 mark.

The broader altcoin market remained in the green with Ripple (XRP) leading the pack with over 20 per cent gains registered over the day. Stellar (XLM), Dogecoin (DOGE), Cardano (ADA) gained by 4 to 10 per cent while Chainlink (LINK), Uniswap (UNI) and Polygon (MATIC) suffered minor losses.

For the market to continue its momentum, BTC needs to hold above $46,000 heading into next week and pull the altcoin market up along with it.

Top Gainers

  1. Revain (REV): 40.1%
  2. Waves (WAVES): 22.7%
  3. Ripple (XRP): 21.5%

Top Losers

  1. IoTex (IOTX): -11.7%
  2. The Graph (GRT): -5.1%
  3. SushiSwap (SUSHI): -5.0%

The analysis includes the top 100 coins only as of 10 am IST

[Source: CoinMarketCap]

Crypto News at a Glance

  1. Crypto sports betting site Stake.com has announced a partnership with English football team Watford F.C in a $0.97 million deal where players will wear Dogecoin logo on their shirts during the 2021-22 Premier League season.
  2. Global crypto exchange Binance has been directed by the Royal Courts of Justice in London to identify the individuals involved in a $2.6 million hack from the account of Fetch.ai, an artificial intelligence lab.
  3. FTX.US, an affiliate of global exchange FTX, aims to offer cryptocurrency derivative trading in less than a year. Currently, FTX.US offers only spot trading in compliance with US regulations.
  4. VeChain (VET), ranked 21 among cryptocurrencies by market cap, has been added by Simplex, a fiat-to-crypto onramp infrastructure platform, enabling users to buy VET tokens across its partner network.
  5. World's first decentralized Euro token, Mimo, has integrated with Ethereum scaling solution Polygon Network to provide low gas fees and faster transactions.

DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.

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Outlook Money
October 2021

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