Bitcoin price on Tuesday surged above $50,000 for the first time in a month. The world’s largest cryptocurrency rose 5.15 per cent day-to-day to $50,001.04 on October 5. The most popular cryptocoin remained under pressure throughout the month in September. On September 21, Bitcoin dropped to $40,596 amid broader elloff in shares of cryptocurrency. However, it roared back to $50,000-mark within two weeks, thanks to support from crypto investors and enthusiasts across the world.
“Over the past 24 hours, most of the top cryptocurrencies managed to hold their crucial support levels. Both Bitcoin and Ethereum looking strong on the daily timeframe price charts. Market participants would be closely tracking the movement of these two, and the altcoins could likely make bullish moves soon,” said Edul Patel, chief executive officer and co-founder, Mudrex- A Global Crypto Trading Platform. The world’s largest cryptocurrency by market capitalisation gained 19.37 per cent over the week, according to coinmarketcap.com.
Other popular cryptocurrency including Ether and Binance coin and Cardano increased too. While Ether jumped 3.51 per cent to hit $3,453, Binance Coin climbed 4.57 per cent to $439.08 in the last 24 hours. Cardano surged 2.14 per cent day to day. Ethereum against Bitcoin is seen to be trading a touch shy of the resistance levels of 0.072. Once this level is broken, we could potentially see a significant rally in Ethereum and Altcoins, said Siddharth Menon, COO, WazirX.
“Some of the Altcoins like ICX, IOST and FTM appear to be going strong against Bitcoin and may outperform Bitcoin in the weeks to come. AAVE has gained 15 per cent in a week compared to Bitcoin gaining 12.5 per cent in the same time period. In retrospect, Ether and other Altcoins could make new highs if the stock markets hold on above 33K levels,” Menon added.
Cryptocurrency investment products and funds recorded inflows for a seventh straight week. Bitcoin saw its third straight week of inflows. “Bitcoin has seen an impressive recovery after the crash it witnessed in the last leg of September. Volumes have shown good traction, and momentum is strong too. Bitcoin sees a strong resistance at $50,000, and if it does beat that level, a fresh rally can be seen. Bitcoin dominance is up to 43 per cent now, and the market capitalization is close to the $900 billion mark. If it breaks the psychological resistance of $50,000 then we may expect the prices to further rally up to $53,000 to $57,000, said ZebPay Trade Desk for your reference.
The global cryptocurrency market capitalisation increased 4.43 per cent to $2.02 trillion, over the last 24 hoours. The total cryptocurrency market volume increased 19 per cent to $108.26 billion. The total volume in DeFi is currently $14.79B, 13.67 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $86.28B, which is 79.69 per cent of the total crypto market 24-hour volume.
India, Vietnam and Pakistan are substantially helping in expansion of the cryptocurrency markets in central and southern Asia, according to Chainalysis. India’s market grew 641 per cent over the past year and Pakistan’s 711 per cent, Chainalysis mentioned in a report.
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