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Academy Trading Ideas Article
OKEx Insights Crypto Market Daily NFT Bitcoin ETF DeFi

Bitcoin ETF excitement pushes price to new all-time high

2021.10.20 Adam James

After seeing nearly $1 billion traded on its inaugural trading day, the United States’ first Bitcoin ETF is bolstering the wider cryptocurrency market. 

The cryptocurrency market continues to push higher as bullish sentiment takes over following the first Bitcoin exchange-traded fund in the United States making history. ProShares’ Bitcoin ETF was listed on the New York Stock Exchange yesterday — where it saw nearly $1 billion in inaugural trading activity.

Most cryptocurrency coins and tokens are seeing gains on the day. The prices of both BTC and ETH are up approximately 3.4% over the past 24 hours, while LUNA is up another 8%. OKB, meanwhile, has surged by 26%.

The cryptocurrency market continues to climb, with only select altcoins seeing losses. Source: COIN360

NFT Snapshot: Bored Ape sells for 696.969 ETH

Last night witnessed the most expensive Bored Ape Yacht Club sale to date, when Bored Ape #8585 sold for 696.969 ETH — worth approximately $2.7 million at the time. 

Two previous BAYC sales topped $1 million less than a month ago.

Bored Ape Yacht Club #8585 sold for 696.969 ETH yesterday. Source: OpenSea

Top altcoin gainers and losers: OKB leads large-caps

  • GNX/USDT +126.60%
  • SUN/USDT +32.92%
  • OKB/USDT +21.21%
  • LPT/USDT -11.59%
  • FSN/USDT -11.85%
  • EM/USDT -13.06%

The top-performing large-cap altcoin on OKEx today is OKB, which is up by more than 21% — per the exchange’s default time settings. Meanwhile, losses among altcoins with large market capitalizations are difficult to come by.

OKB is the top-performing large-cap altcoin on OKEx today. Source: OKEx

BTC technical analysis: Trading at new all-time high

The price of BTC is trading just above its previous all-time high around 65,000 USDT. The four-hour ribbon of exponential moving averages continues to provide support as all signs remain macro bullish for the market-leading cryptocurrency following its first ETF listing in the United States.

OKEx’s BTC/USDT 4h chart — 10/20. Source: OKEx, TradingView

ETH technical analysis: Trying to bottom against BTC

ETH is trying to turn a corner against BTC after struggling recently. The four-hour EMA ribbon is providing some resistance, however, and will need to be overcome before ETHBTC can once again challenge a crucial area of interest around 0.067 BTC.

OKEx’s ETH/BTC 4h chart — 10/20. 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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