Crypto Week at a Glance: Where Are Bitcoin, Ethereum, and Altcoins Going Now?

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BitcoinBTC is currently trading around the $ 61,000 mark. The asset saw a slight correction after hitting its new all-time high of $ 66,999 last week when some profit-taking was seen. BTC has a market cap of $ 1.1 trillion and a dominance of 46%.

Between ETF approval, ETF launch and now new all-time highs, the pace of news is frantic, but still largely positive. Fairly positive news has also been recorded: the FDIC chairman has indicated that the agency is working to establish clear directions on the intersection between crypto and the US banking world.

This only reinforces a largely positive backdrop for the now $ 2.6 trillion crypto industry. The BTC rally was largely spot-driven, as BTC futures inflows edged down and funding perp rates were unchanged.

Bulls gained momentum as Bitcoin skyrocketed to a new all-time high of $ 66,999. Assets broke through the “descending triangular pattern” on October 1 and jumped nearly 55% in one month.

However, after this move, BTC faced strong resistance around the $ 67,000 mark and recorded profit. Assets corrected nearly 14%, hitting a weekly low of $ 57,653. To rally further, BTC needs to cross and close above $ 67,000.

EthereumEthereum (ETH) has seen a strong rally over the past 2 weeks, currently trading around $ 4,350, after breaking through the strong resistance it was facing at $ 4,000. It also set a new record high of $ 4,401 last week.

ETH has risen by around 25 percent over the past month. ETH’s dominance has also improved, currently by almost 19%, as the second-largest asset currently has a market cap of $ 520 billion.

Chain measurements also did not show any rally specific trends. This means that the network is underutilized and the on-chain activity should catch up with price performance in order to support the market.

The reason for this is the continued avoidance of ETH but the purchase of SOL and other non-ETH L1 assets among retail aggregators.

ETH, post giving a break above the “Descending Triangle” saw a massive rally and last week the bulls pushed the price above the long standing resistance of $ 4,370 and peaked at $ 4,456.

Assets jumped nearly 50% in one month. Currently, the asset is consolidating and trading in a range between $ 4,250 and $ 4,400.

ETH is trading in an uptrend and upward moving averages and Relative Strength Index (RSI) in positive territory indicate that buyers have the upper hand. However, to continue to recover, the asset must close above $ 4,456.

Other Altcoins Our trading desk estimates that Polygon (MATIC) could hit the $ 3 mark by the end of this year as it traces a pattern that is starting to look like a bullish flag.

A surge in the polygon market emerged after Upbit, one of South Korea’s largest crypto exchanges by volume, added MATIC pairs to its trading platform.

In the past two weeks, Polygon has jumped by around 35% and volumes have also seen significant growth. Inflows in assets increased, and institutional interests also peaked.

Likewise, BAT has also gained ground in the crypto community. The Brave browser, which acts as the backbone of BAT, has seen a gigantic increase in this user base, both among retail users and publishers. The program has also incorporated new features, which solve some fundamental problems in the digital navigation space.

This has contributed significantly to the asset’s appreciation of late, coupled with the fact that there is still a cheap asset to acquire at current price levels. It looks attractive as it is currently trading at $ 1.25. If BAT continues to trade convincingly above $ 1, it may soon reach new all-time highs.

Crypto Cart: Quick Glance Top winners of the week Decentraland (MANA): 353.60% Dogelon Mars (ELON): 295.16% The Sandbox (SAND): 155.82% Shiba Inu (SHIB): 73.12% Basic Attention Token (BAT): 68.99%

Top losers of the weekOKB (OKB): -21.23% Stacks (STX) -18.39% Revain (REV): -14.29% XDC Network (XDC): -13.47% DeCred (DCR): – 11.87%

(Source: coinmarketcap.com, data at 12:00 PM, IST October 31, 2021. Analysis includes only top 100 cryptocurrencies) (The author is Chief Revenue Officer for ZebPay. Opinions are his own)

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