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Bitcoin ETF excitement continues as ETH surges higher

2021.10.21 Adam James

As BTC takes a breather after hitting a new all-time high, ETH and other altcoins are using the opportunity to push higher. 

The cryptocurrency market continues to push higher following the launch of the United States’ first Bitcoin futures ETF. The price of BTC is up 3.7% over the past 24 hours, while the price of ETH is up more than 11% — driving the global cryptocurrency market capitalization up 6% to nearly $2.8 trillion.

The cryptocurrency market is primarily a sea of green, with only some stablecoins and select altcoins seeing losses. Source: COIN360

NFT Snapshot: PleasrDAO purchases rare Wu-Tang Clan album

The rare Wu-Tang Clan physical album Once Upon a Time in Shaolin has been purchased by NFT collective PleasrDAO, as per a report from The New York Times.

The album was originally sold to Martin Shkreli for $2 million during a 2015 auction. Following the former pharmaceutical executive’s fraud conviction in 2017, Once Upon a Time in Shaolin was seized by federal authorities, kept in a temperature-controlled Department of Justice vault and later sold to an unknown buyer for $4 million in July of this year.

PleasrDAO — which owns a variety of high-value nonfungible tokens — plans to let people listen to the rare physical album while respecting Wu-Tang Clan’s strict legal restrictions.

Top altcoin gainers and losers: 

  • TMTG/USDT +57.14%
  • FAIR/USDT +45.01%
  • AUCTION/USDT +24.31%
  • LET/USDT -8.63%
  • GNX/USDT -12.38%
  • VALUE/USDT -23.97%

The top-performing large-cap altcoin on OKEx today — per the exchange’s default time settings — is SOL. The native coin of Solana is up more than 8%. AVAX and QTUM, meanwhile, are both up by more than 7%.

SOL is the top-performing altcoin on OKEx today. Source: OKEx

BTC technical analysis: Looking for support at previous ATH

The price of BTC is looking to find support at its previous all-time high around 65,000 USDT — a claim that may be bolstered by the ascending ribbon of exponential moving averages on the four-hour time frame. Should it find support, there exists nothing but open skies above the current price.

OKEx’s BTC/USDT 4h chart — 10/21. Source: OKEx, TradingView

ETH technical analysis: Back to its favorite trading area

The price of ETH is ripping somewhat against BTC and is headed straight back toward its favorite area of historical trading interest around 0.067 BTC. Many traders will be expecting at least a temporary pullback at this level. Cutting straight through would represent a very bullish development for ETHBTC.

OKEx’s ETH/BTC 4h chart — 10/21. 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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