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.
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, 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 that’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.