Yesterday many rates broke on the cryptocurrency market out and bitcoin (BTC) finally set a new record after six months. The euphoria immediately spread to the altcoins and almost the entire market is turning quite green, despite a small correction. Total market capitalization hit a new all-time high of $2.77 trillion last night, but is dropping to $2.75 trillion at the time of writing.
Bitcoin Fear and Greed Index is 84 ~ Extreme Greed
Current price: $65,763 pic.twitter.com/MRLup60kT7— Bitcoin Fear and Greed Index (@BitcoinFear) October 21, 2021
Bitcoin
Bitcoin (BTC) broke out yesterday and the price rose 5.4% from $63,800 to a new to a new one all-time high (ATH) from $67,275. The price is mainly driven by the rapidly decreasing supply in the market and gained this week a boost with the launch of the first bitcoin futures ETF on the US market. Tomorrow the second bitcoin ETF will be launched, that of Valkyrie. Next Monday maybe the third, that of VanEck.
This $67,275 remains the record for now, the price has corrected slightly downwards since that peak. Bitcoin price touched a low of $64,500 twice this morning, but also made a small each time bounce back to $65,500.
A correction after breaking a record is somewhat to be expected. The question is whether bitcoin can now hold above this $64,500, then the resistance that was here may turn into support. If bitcoin consolidates here and a higher low settles, we may very soon see a resumption of the rally and another new ATH.
However, there is also a chance that we will first pullback see. Data shows signals of a slightly overbought market on the en open interest on funding rates skyrocket in the futures market. However, it seems likely that such a correction would be short-lived.
We have to remain cautious near term as the technicals are a little overbought, sequentials are printing more than 9 candles higher, and especially with Open Interest soaring to new highs. Funding rates jumped to .07 in the last 10 hours, a cautious signal.
— Daniel Joe (@DanielJoe916) October 21, 2021
Altcoins
Ethereum (ETH) was initially pulled by bitcoin yesterday and finally broke through $4,000 again. However, as bitcoin cooled, ether continued to rise sharply. The ETH price reached a new high of $4,245 last night. That’s the all-time high for ether outside of the May 12 ATH, when it briefly peaked at $4,355. Since that new peak, ether has held steady above USD 4,150 and it seems likely that ether may establish another ATH today.
#Bitcoin and #Ethereum growth trajectories
Oct. 21, 2021Since the 3rd halving:
???? BTC is up 7.7x (topped at 29.5x last cycle)
???? ETH is up 22.3x (topped at 120x last cycle)Popping off… pic.twitter.com/zx1FG3wLCp
— ecoinometrics (@ecoinometrics) October 21, 2021
Cardano (ADA) finally picks up again. The ADA price has been in a downward trend for the past few weeks, but shot up yesterday and made another jump last night. ADA peaked around $2.27 this morning after rising 7.5% in 24 hours. ADA is currently in a small dip, but it seems that this increase could continue quickly.
Still, it’s solana (SOL) again that is outperforming the top 10 largest crypto, and even below the top 100. SOL topped out at $188.5 this morning after rising as much as 20% in a day. The price is getting closer and closer to its ATH from a month ago. Can SOL also set a new record this week?
Just outside the top 10, litecoin (LTC) is doing remarkably well. LTC also broke out sharply yesterday, reaching as high as $213.4 last night and appears to be holding out above $205. Litecoin has again taken back the twelfth position of largest crypto from shiba inu (SHIB). Other notable gains today include enjin coin (ENJ), which is up 14%, flow (FLOW) 17%, safemoon (SAFEMOON) 18%, and nexo (NEXO) 19%.
–
