🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

The Crypto Market Isn't Overcrowded, Yet

Published 10/28/2021, 09:41 AM
Updated 03/21/2024, 07:45 AM
BTC/USD
-
ETH/USD
-
DOGE/USD
-
NCID
-
SHIB/USD
-

The cryptocurrency market moved into a correction phase after Bitcoin's dip. From the US session until the beginning of trading in Europe, Bitcoin steadily traded below $60,000 but jumped at the start of the European session. Nevertheless, for the week, the coin was down almost 10%. If we are seeing a local bottom now, the news is good enough.

BTC/USD found buyers after the downturn under $60,000.

Some believe this could be a balancing process before the push for new highs. Others think it's the beginning of a broader correction that will take Bitcoin to $45,000-$50,000. If Bitcoin falls to these lows, expect new buyers to step in.

Ethereum

Meanwhile, Ethereum's blockchain has received another update, and although the final phases of the roadmap are still a long way off, it is seen positively by crypto market participants. Despite the retreat from the highs, the second cryptocurrency is holding above $4,000.

ETH/USD is in demand thanks to a network update.

Total cryptocurrency capitalization is $2.5 trillion, near historic highs. Bitcoin's dominance index is at a comfortable value of about 44.5%, reflecting the broad demand across the crypto market.

The Crypto Fear & Greed Index has surrendered ground recently but remains firmly in "greed" mode. The RSI for Bitcoin on the daily chart is retreating from the overbought area. Both indicators point to a widening space for Bitcoin's growth.

SHIBA INU and Dogecoin Skyrocket

Several altcoins stood out firmly and have the limelight. We are talking about the two meme tokens, Dogecoin and SHIBA INU. At one point, SHIBA INU's capitalization exceeded $50 billion, pushing Ethereum out of 7th place on CoinMarketCap. Of course, such episodes of growth are followed by a correction.
Top 10 cryptocurrencies by capitalization.

Nevertheless, the situation is quite remarkable. The community considers SHIBA INU to be the "killer" of Dogecoin. But the crypto market space is quite enough for these two projects to coexist in harmony, with speculators switching from one to the other.

Another bright hero of the last few days was a 1inch token, which at some point jumped in price by 100% within a day. The coin got help from such fundamental factors as listing on the Upbit exchange and increased user activity.

Conclusion

As before, the crypto market continues to generate lightning-fast success stories attracting more investors to the sector, hoping to make quick and big money. 

Crypto casinos continue to work and win. Before the end of the year, we may see a new episode of ups and downs in the sector, and it looks like a new Bitcoin price high will cause an explosive demand for digital assets.

The FxPro Analyst Team

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.