Bitcoin (BTC) broke out again faster than expected, and again that probably has to do with news about a bitcoin futures exchange-traded fund (ETF). More on that later on Crypto Insiders. The positive sentiment on the cryptocurrency market now also spills over to the altcoins. Almost all prices are very green compared to 24 hours ago and the total market capitalization has risen to a whopping $2.62 trillion.
Bitcoin
Bitcoin (BTC) tapped $60,000 for the first time in months yesterday morning, but was initially rejected there, as expected. The price briefly dropped to $59,000, but by the end of the afternoon bitcoin was back at $60,000. A few hours later, the price broke due to a boost from the ETF news. Bitcoin then made a big jump to reach $62,000. Towards the end of the evening the price made another jump and even touched $63,000 on several exchanges.
The BTC rate has only ever been above $63,000 three times, that was between April 13 and 16. On April 14, bitcoin reached a all-time high (ATH) around $64,800. Bitcoin was therefore just less than 3% away from its ATH.
However, the resistance around $63,000 turned out to be too much for now and bitcoin fell back towards $61,000 last night, but the price still held above that. This morning, bitcoin peaked around USD 62,500, but failed to break through here and is falling back to USD 61,500 at the time of writing.
If bitcoin continues to rise at this rate, we may see a new record this weekend and who knows how far the price can shoot up.
Short-term pattern being guided by the Bulls. #Bitcoin
The basis of the new Reference Channel for trend should, or can, be tested.Stay tuned, last chance before ATH ???????? pic.twitter.com/4qs1ugp2nM
— G a a h (@gaah_im) October 16, 2021
Altcoins
Ethereum (ETH) also attracts a lot. Ether price recaptured $3,800 yesterday and jumped to $3,900 last night. There, ether was initially rejected, but the price held above USD 3,850. This morning, ether suddenly took a big jump, reaching $3,950 at the time of writing. Ether may touch $4,000 this weekend for the first time since mid-May. However, it would not be surprising if there is a lot of resistance here.
Although the rest of the top 10 is also up 3 to 5% this morning, polkadot (DOT) is rising noticeably faster. The DOT price shot up sharply yesterday evening from $40.2 to $44.8, an increase of 11.4%. That is also the highest for DOT since its ATH from mid-May. At the time of writing, DOT falls back to $43.7, the price is up 30% this week.
In the top 100 we find two crypto prices that are rising even faster. Amp (AMP) continued to push through the night and the price currently stands at $0.052 after rising 15%. The Graph (GRT) is even up 18% today and currently stands at $0.835. That is still 70% below his February ATH.
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