The cryptocurrency market is turning green again today. Virtually all of the top 100 stocks are well up and the total market cap has risen from $2.3 trillion to $2.4 trillion in the past 24 hours. General market sentiment has turned very positive again this week:
Bitcoin Fear and Greed Index is 76 — Extreme Greed
Current price: $54,721 pic.twitter.com/h9V2DZdDAA— Bitcoin Fear and Greed Index (@BitcoinFear) October 7, 2021
Bitcoin
Bitcoin (BTC) finally broke the $50,000 mark again on Tuesday. The BTC price arrived at $51,500 yesterday morning, dipped to $50,700 by midday and then made a big jump. Bitcoin rose from $50,700 to a high of $55,550, a jump of 9.5% in a matter of hours.
Bitcoin was able to hold out here last night, the $55,550 was tapped again, but the price was not able to break through this yet. We then saw a dip to $54,000, but bitcoin bounced right back to $55,000. The last few times bitcoin has moved around this price level, the price has shot up to $58,000 almost immediately. Maybe we’ll see that happen again and then maybe even the all time high (ATH) of $64,800 ahead.
However, a small pull back still possible. The futures market appears to be overheating amid expectations regarding the approval of bitcoin futures exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC).
#Bitcoin Entities in Profit has risen to 94.3%.
About 16.2% of all on-chain entities have returned to profit since the Sept lows.
The last time this many network entities were in profit was before the sell-off in May.
Live Chart: https://t.co/UtyZepD1lG pic.twitter.com/ShMDjgTUqb
— glassnode (@glassnode) October 7, 2021
altcoins
Ethereum (ETH) is also being pulled up again. The ether price initially dipped to $3,350 yesterday morning, then jumped to 3,600 and peaked slightly later to $3,640. It was an increase of 8.7% in a few hours. Ether held steady at USD 3,600 overnight, but in the early hours of this morning, ether briefly dipped to USD 3,500. That proved to be short-lived, as at the time of writing, ether is making another jump back to USD 3,600. Cardano (ADA) is also starting to rise sharply at the time of writing.
Of the top 10 largest crypto, polkadot (DOT) is the strongest riser in the past 24 hours. DOT dipped below $30 again yesterday, briefly reaching $29.3. At the time of writing, DOT is tapping $32.6, bringing the price up 11%.
Just outside the top 10, the shiba inu (SHIB) price is still rising fast. SHIB is again 34% in the plus today and with that even 330% this week. Its total market cap is now slightly above $15 billion, making SHIB the twelfth largest crypto in the market. SHIB peaked at $0.00003365 last night, which is only 11% from the ATH from five months ago.
And, in yet another milestone, @etherscan reports that we have crossed the mark of 700,000 SHIB holders!
We are not stopping growing anytime soon! Welcome new holders, to the #ShibArmy! We are now well on our way to reach 1M holders! #Shibarmy1M #1MFRIENDSHIBS pic.twitter.com/v6Vc5dAJwa
— Shib (@Shibtoken) October 6, 2021
Shiba inu is not the only significant riser on the market today. Stellar lumens (XLM) is up 15% this morning compared to 24 hours ago, bitcoin gold (BTG) 20%, arweave (AR) 27% and fantom (FTM) even 32%.
