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All eyes on BTC price on ETF launch day

2021.10.20 Adam James

Though the altcoin market is seeing mild gains, generally speaking, BTC is leading the charge. 

The global cryptocurrency market capitalization is up 1.5% over the past 24 hours — bringing the metric to more than $2.61 trillion. Both the prices of BTC and ETH are up by more than 2%, while many altcoin valuations are up by comparable levels. 

Cosmos’s native coin, ATOM, meanwhile, is up 8.1%. The altcoin’s gains are primarily being spurred on by the announcement of Sagan — a new blockchain to be used for testing and experimentation, similar to Polkadot’s Kusama.

The cryptocurrency market is generally seeing mild gains today, with losses muted. Source: COIN360

Top altcoin gainers and losers: Memecoins surge

  • EM/USDT +72.62%
  • AKITA/USDT +34.85%
  • KISHU/USDT +25.51%
  • NDN/USDT -19.60%
  • LITCH/USDT -20.36%
  • CMT/USDT -27.23%

Memecoins continue to be hot on OKEx after AKITA and KISHU surged by more than 34.85% and 25.51%, respectively — per the exchange’s default time settings. At the same time, OKB is one of the five top performers on the exchange following a gain of nearly 20%.

AKITA is one of the top-performing altcoins on OKEx today. Source: OKEx

BTC technical analysis: Nearly at all-time high

The price of BTC is driving higher and is nearly at its all-time high of roughly 65,000 USDT. The four-hour ribbon of exponential moving averages continues to provide support from underneath — but volatility could be in the cards as the first-ever Bitcoin exchange-traded fund in the United States begins its first week of trading.

OKEx’s BTC/USDT 4h chart — 10/19. Source: OKEx, TradingView

ETH technical analysis: Struggles against BTC continue

ETH seems prepared to breach recent lows as all eyes focus on BTC and the launch of the leading crypto’s futures-backed ETF. Traders will be looking to see if buyers step in around 0.057 BTC.

OKEx’s ETH/BTC 4h chart — 10/19. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.



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