The total crypto market cap added $122 billion to its valuation for the last seven days and now stands at $2,588 billion. The top 10 coins were mostly in green for the same time period with Solana (SOL) and Dogecoin (DOGE) leading the group with 29.8 and 10 percent of price increase respectively. Bitcoin (BTC) is currently trading at $62,677 while ether (ETH) is at $4,115.
The cryptocurrency market initiated a strong uptrend that was mainly caused by the news that the United States Security and Exchange Commission (SEC) accepted and approved for the first time ever the ETF Futures registration from ProShares Trust’s Bitcoin (BTC) and also the one registered by Valkyrie.
The ProShares fund started trading on the morning of Tuesday, October 19 under the BITO tick and registered the largest natural one-day volume ever for an ETF futures product. The strong demand also caused a significant jump in the price of the major altcoins and especially the leading Layer 1 protocols.
The BTC/USDT pair closed the trading day on Monday at $62,000 after the price fell as low as $59,800 during intraday. The coin continued to move in the upward direction on Tuesday, adding another 3.6 percent to its valuation and hitting a daily high of $64,400.
The mid-week session on Wednesday saw bitcoin finally breaking its all-time high. Bulls pushed it up to $66,945 as the volumes were surging. On the other hand, the relative strength index went into the overbought area, surpassing the July 21 values.
On Thursday, October 21, the BTC/USDT pair experienced a sudden selloff that drove its price 6 percent down. The coin found stability around the $62,200 area but fully erased all gains from the previous two sessions.
The last day of the workweek came with a second consecutive day in red for the biggest cryptocurrency and a drop to $60,800 – right below the March 2021 high.
The weekend of October 23-24 started with an attempt from bears to push the price below the psychological $60,000 mark on Saturday, but for the fifth time in the last eight sessions, the sell orders were properly absorbed by bulls. The coin closed in green, at $61,200.
On Sunday, October 24, bitcoin was on its way to close below the weekly candle close high but somehow managed to preserve the uptrend.
What we are seeing midday on Monday is a solid rebound with BTC trading above $62,000.
The Ethereum Project token continues to be the top-performing major digital asset right next to Bitcoin with one of the biggest upside potentials in the market.
On Monday, October 18, the biggest altcoin was rejected at the mid-term weekly downtrend like for the fourth consecutive day. This resulted in a pullback down to $3,744 and a 2.7 percent loss.
The Tuesday session was quite different. The Bitcoin ETF futures trading caused a spike in the price of all major altcoins and ETH was no exception. It formed the exact same candle like the one from the previous day but in the opposite direction.
The third day of the workweek came with an extension of the uptrend. The ether broke above the mentioned dynamic resistance and closed at $4,163 or 7.2 percent higher. The coin printed a new higher high, surpassing the September 3 high of $4,022.
On Thursday, October 21, the ETH/USDT pair hit its all-time high but was not able to surpass it or to keep the uptrend momentum. It moved down to $4,056 and closed the day with a loss.
The Friday session was no different and the coin moved further down to $3,974, even touching the $3,885 mark close to the diagonal downtrend during intraday.
The first day of the weekend came with a solid reversal. The ether jumped 4.9 percent up, but once again hit the $4,160 short-term horizontal resistance.
Then on Sunday, the leading altcoin made a pullback to $4,080.
As of the time of writing, ETH is trading at $4,107.
Solana hit an all-time high on September 9, 2021, but was underperforming ever since then correcting its price by 45 percent and also hitting $115 in late September.
However, the major Layer 1 protocol, which is one of the most popular among institutional investors and retail traders considering its links to FTX’s owner Sam Bankman-Fried, quickly bounced back once the cryptocurrency market turned bullish.
The SOL/USDT pair successfully formed a bullish pennant pattern on the daily chart and it started moving strongly once it was broken to the upside. This happened on October 20 when Solana surpassed both the horizontal and diagonal resistance.
SOL increased by 27 percent on a seven-day basis and hit a new all-time high at $214 also forming a higher high on the weekly chart.
The coin is currently trading at $208, but an extension to $278 to the Fibonacci 161.80 level is not excluded.
Altcoin of the Week
Our Altcoin of the week is Nexo (NEXO). The popular DeFi platform rallied 56 percent last week to hit a seven-day high of $2.86 on Saturday, October 23. The coin broke out of the strong $2 resistance after trading below it for more than 4 months.
For the first time since May,19 the NEXO/USDT closed a daily candle above $2.5.
It is not quite clear what is driving the price up or it is just a technical breakout, but the new higher high on the weekly timeframe suggests NEXO can be up for a rally to a new all-time high in the coming weeks.
The coin is currently ranked at #89 on CoinGecko’s Top 100 list with a total market cap of approximately $1.5 billion.
The altcoin is currently trading at $2.68.
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