Bitcoin (BTC) bounced back strongly from its psychological support at $60,000 over the weekend and is consolidating just above with key altcoins carrying the crypto market forward. The global crypto market cap currently stands at $2.63 trillion (as of 5pm IST), up 1% today with BTC dominance decreasing from 47.2% to 45% in the past couple of days. In this article, we are going to look at interesting trends that drove the crypto market in the last one week.
Bitcoin bulls hold $60,000 as altcoins rise
BTC briefly went below the $60,000 region over the weekend but found support from the bulls and managed to recover some of its previous losses by Monday. It is currently trading at $62,800, a 0.6% increase today. BTC is now in an uptrend with next big resistance at $64,000. BTC is expected to surge ahead and move beyond $65,000 by the starting of November. In case of another pullback, BTC enjoys strong support at $59,000.
This recovery by BTC has helped Ethereum (ETH), the second-largest cryptocurrency, to surge past the psychological barrier at $4,000. ETH is currently trading at $4,200 with a 10% gain in the last 7 days. If BTC continues to hold $60,000 for another two weeks, ETH is expected to challenge its previous all-time-high at $4,400.
Amongst the top 20 cryptocurrencies, Solana (SOL), often dubbed as a ETH killer, has returned to the spotlight by hitting a record-high of $218 on Monday. SOL has grown by more than 30% in the last one week. Shiba Inu (SHIB) is the other big gainer in the top 20 list with a 67% growth that has led it into the 11th spot. Avalanche (AVAX), Chainlink (LINK), Terra (LUNA) and Polygon (MATIC) grew by more than 20% while Cardano (ADA) is still accumulating with a mere 2% increase in one week.
Layer-1 protocols surge in value
Layer-1 protocols, protocols built on top of existing blockchains, have gained in popularity in the crypto ecosystem and attracted a lot of investors thereby increasing the total value locked (TVL) in these protocols.
Harmony (ONE), a layer-1 protocol, has broken its previous all-time high and is currently trading at $0.37 after rallying more than 120% in October. This momentum comes after the announcement of a series of partnerships with DeFi platforms such as Aave and Curve. Harmony protocol also introduced a $300 million development fund for the ecosystem in September which may have boosted the price of ONE.
Another DeFi protocol Fantom (FTM) is also trading at its all-time high with a 170% rally in October. Several reasons have been speculated to have driven the price of FTM. These include the upcoming NFT bridge from Anyswap, a protocol which facilitates trades across blockchain and the first Fantom developer conference thatâ€™s currently happening in Abu Dhabi. We expect some major announcements from the conference.
Disclaimer: This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.