Bitcoin Hits 17-Month High After Fed’s Dovish Tone; Altcoins Surge
Bitcoin and other crypto tokens continued their bullish momentum on Thursday as the oldest crypto asset hit a 17-month high after the Fed’s dovish tone. Crypto tokens posted big gains following the completion of one year of Sam Bankman-Fried’s crypto empire- FTX exchange.
Bitcoin and Ethereum Trading
Bitcoin was trading in red as the largest crypto token edged marginally lower, less than half-a-per cent but remained below 35,000-levels. However, its largest peer, Ethereum, was also seen in green, slightly up and hovered around $1,900-level. Majority of the altcoins were trading with decent gains.
Bitcoin kept on trading in a very narrow range of less than 2 per cent movement in the last 24 hours. It has now been close to two weeks. Although this means volumes in Bitcoin worldwide have started to slightly drop, any movement in its prices should mean the volumes are back in, said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.
“While BTC has been rising for a few weeks now, the ETH/BTC pair has seemed to find a little support around the 0.05 BTC per ETH mark. The little bounce back has helped other prominent altcoins as well to show some momentum on the upside price action,” he said.
On the other hand, altcoin BLUR (+18.1%) has seen a positive price action in the last 24 hours. This could be as investors speculate it to be the world’s biggest NFT marketplace by trading volumes, especially after Opensea downsized by letting go of 50% of its staff recently.
Overall Altcoin Movement
Barring a few exceptions, all top crypto tokens were trading sharply higher on Tuesday. Chainlink was up 6 per cent, while Toncoin surged more than 5 per cent. Dogecoin and Polygon rose 4 per cent each, while Cardano and BNB added over 3 per cent each. Among the laggards, Tron was down a per cent.
Market Cap and Volumes
The global cryptocurrency market cap was trading modestly higher, rising up to $1.33 trillion-mark, as it rose marginally in the last 24 hours. However, the total trading volumes increased more than 6 per cent to $40.46 billion.
BTC and ETH Movement
In the last 24 hours, both BTC and ETH remained steady, while altcoins saw a rise of 5-10 per cent. This was accompanied by a decline in BTC dominance. Bitcoin is currently positioned between important support at $34,000 and resistance at $36,000, while Ethereum still has to clear a significant resistance level around $2,000, said CoinDCX Research Team.
Market Capitals of Altcoins
“The market capitalization of altcoins, excluding Bitcoin and Ethereum, reached nearly $400 billion, marking a positive sign for the crypto space. It’s worth noting that tomorrow, on November 8, 2023, Fed Chair Powell will deliver a speech, which could potentially introduce some market volatility,” he said.
Tech View by WazirX Trade Desk
WazirX Trade Desk provides a tech view on The Graph (GRT), an indexing protocol catering to data querying needs in networks such as Ethereum and IPFS. GRT extends its support to the indexing of data from Ethereum, IPFS, and POA, with plans to include additional networks in the near future.
On the weekly time-frame, the GRT/USDT chart had been traversing within an ascending triangle pattern. The trend has bounced back from the bottom and is fast approaching the upper trendline with twice its average trading volumes. The next resistance is expected at 0.17 USDT and an immediate support is expected at 0.12 USDT.
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