Buyers bolster BTC underneath all-time high as Ethereum 2.0 launches
ETH finally breaks out as BTC consolidates before the weekend
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
It has been a strong week for the cryptocurrency market and, particularly, the market leader.
The price of Bitcoin (BTC) is up 0.8% over the past 24 hours and is now trading at 12,909 USDT on OKEx. The first and foremost cryptocurrency has seen gains of 12.4% since this time last week. Altcoins are also performing well, with Ether (ETH) and Chainlink (LINK) up 3.9% and 4.9%, respectively.
The total cryptocurrency market capitalization has risen another 2.2% to $400 billion, according to data from CoinGecko. With altcoins finally catching up to BTC, the market leader's dominance has decreased slightly to 59.8%.
In traditional markets, both European stocks and United States futures have risen this morning. However, the S&P 500 is currently facing the closure of its worst week in October.
Top altcoin gainers and losers
- TCT/USDT +26.09%
- AAVE/USDT +18.83%
- CVP/USDT +14.52%
- ROAD/USDT -21.65%
- HDAO/USDT -23.44%
- LMCH/USDT -42.92%
BTC technical analysis
The price of BTC has been consolidating after breaking $12,000 and reaching levels above $13,000. It still has room to run up to resistance around $14,000, but a pullback to at least test the four-hour exponential moving averages wouldn't surprise many traders.
Weekends tend to be choppy, so traders will likely be exercising caution today and into next week.
ETH technical analysis
As expected, the price of Ether (ETH) finally broke through resistance around $395 and may now look to challenge levels around $490 in the medium-to-long term. However, many traders will be looking for the foremost altcoin to test the previous resistance level and turn it into support before getting too excited.
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