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BTC leads major crypto market rally, TikTok launching NFTs

2021.10.01 Adam James

The market-leading cryptocurrency is driving valuations higher across the board.

The cryptocurrency market has recovered in a big way on Friday, with its total capitalization up roughly nearly 8% over the past 24 hours. Leading the charge is BTC, which is up 8.6%. Many altcoins have moved up with the market leader — including SOL, DOT and LUNA, which are all up by more than 9%.

The cryptocurrency market is a sea of green on Friday, with large gains being seen almost unanimously. Source: COIN360

Leading headlines today is the news that El Salvador has officially begun Bitcoin mining operations using volcanos. According to the country’s president, Nayib Bukele, a total of almost 0.011 BTC was mined using “the #volcanode” — per his tweet on Friday.

NFT Snapshot: TikTok launching NFT collection

TikTok is launching a nonfungible token collection that will feature a half dozen “culturally significant TikTok videos” as one-of-one NFTs from top content creators on the platform, who will partner with leading NFT creators. Participating creators include Lil Nas X, Grimes, x0r and others.

The TikTok Top Moments NFTs will be available on Ethereum through Layer-2 protocol Immutable X.

Top altcoin gainers and losers: ICX and AXS lead large-caps

  • ICX/USDT +29.37%
  • IQ/USDT +29.27%
  • CFG/USDT +18.61%
  • TUP/USDT -4.25%
  • ANW/USDT -7.06%
  • APIX/USDT -7.27%

The top-performing altcoin on OKEx today is ICX, which has increased by nearly 30% — per the exchange’s default time settings. Axie Infinity’s AXS, meanwhile, has added nearly 15%.

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

BTC technical analysis: Back to its favorite zone

The price of BTC has surged straight up to its historical zone of major resistance above 47,000 USDT. The four-hour ribbon of exponential moving averages will now look to catch up to the current price and offer support — which could see BTCUSDT consolidate under 50,000 USDT.

OKEx’s BTC/USDT 4h chart — 10/01. Source: OKEx, TradingView

ETH technical analysis: Underperforming against BTC

The price of ETH has underperformed against BTC as the market-leading cryptocurrency drives the wider market higher. The four-hour EMA ribbon is still acting as resistance, while support sits at 0.067 BTC.

OKEx’s ETH/BTC 4h chart — 10/01. 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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