Bitcoin and Other Cryptocurrencies Continue Bullish Momentum
Bitcoin Hits 17-Month High After Dovish Fed Tone
Bitcoin and other cryptocurrency tokens maintained their upward momentum on Thursday, with the oldest crypto asset reaching a 17-month high following the Federal Reserve’s dovish tone. The bullish trend was also supported by the completion of one year of Sam Bankman-Fried’s FTX exchange, which contributed to big gains in the crypto market.
Bitcoin Trades Slightly Lower, Ethereum Gains
Bitcoin saw a marginal decrease of less than half a percent and remained below the $35,000 level. On the other hand, Ethereum was slightly up, hovering around the $1,900 level, and majority of the altcoins were trading with decent gains. Bitcoin had been trading within a narrow range of less than 2 percent movement in the last 24 hours, signaling a drop in volumes worldwide.
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, noted that while Bitcoin has been rising for a few weeks, the ETH/BTC pair has found support around the 0.05 BTC per ETH mark, helping other prominent altcoins show some momentum in the upside price action.
Altcoin BLUR Sees Positive Price Action
In the last 24 hours, altcoin BLUR saw a positive price action with an 18.1% increase as investors speculated it to be the world’s largest NFT marketplace by trading volumes, especially after Opensea downsized by letting go of 50% of its staff.
Market Gains and Losses
Top crypto tokens were trading sharply higher, with Chainlink up 6%, Toncoin surged more than 5%, and Dogecoin and Polygon rising 4% each. While Cardano and BNB added over 3% each, Tron was down 1%. The global cryptocurrency market cap rose to $1.33 trillion, with total trading volumes increasing by more than 6% to $40.46 billion.
Altcoins Gain, BTC Dominance Declines
In the last 24 hours, BTC and ETH remained steady while altcoins saw a rise of 5-10%. This was accompanied by a decline in BTC dominance. Bitcoin is positioned between important support at $34,000 and resistance at $36,000, while Ethereum still has to clear a significant resistance level around $2,000, according to CoinDCX Research Team.
They also noted that the market capitalization of altcoins, excluding Bitcoin and Ethereum, reached nearly $400 billion, marking a positive sign for the crypto space. The upcoming speech by Fed Chair Powell on November 8, 2023, could potentially introduce some market volatility.
Tech View by WazirX Trade Desk
The Graph (GRT) is an indexing protocol that caters to data querying needs in networks like Ethereum and IPFS and plays a pivotal role in DeFi applications. On the weekly time-frame, the GRT/USDT chart had been traversing within an ascending triangle pattern. The trend is fast approaching the upper trendline with twice its average trading volumes, which could indicate continued momentum in the coming weeks. The next resistance is expected at 0.17 USDT, with an immediate support at 0.12 USDT.
In conclusion, the bullish momentum in the crypto market continues to be supported by various factors, including the Federal Reserve’s tone and the completion of one year of Sam Bankman-Fried’s FTX exchange, leading to gains in both Bitcoin and other cryptocurrency tokens.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk.
