As you could have seen in Michiel’s market update and John’s altcoin price video this morning, the bitcoin (BTC) price is still above the important support at $40,000. In recent hours, the price has been able to rise a few percent again after bouncing off this support again. In this market update you can read everything about the latest state of affairs on the crypto market.
Bitcoin (BTC) price finds equilibrium
Bitcoin plunged back into the support zone last night, forming a low at $40,750 on crypto exchange Coinbase. Just like on September 24 and 26, bitcoin bounced back from this zone. At the time of writing, the price of bitcoin is $42,350 on Coinbase.
Despite the fact that the price has fallen several times in recent days, swing low made at the same price level, let the relative strength index (RSI) showing a cautious upward trend on the 4-hour chart. However, an obvious direction is still lacking as bitcoin is also lower highs forms.
from a quick take of CryptoQuant, however, shows that the hodlers among us just keep accumulating, despite this uncertainty. A chart shared by IT Tech shows that both short-term and long-term hodlers (investors who prefer to hold on to their BTC) are still accumulating:
“On-chain data shows HODL sentiment is still the same – the accumulation continues. Short-term HODLers are increasing their bitcoin holdings very dynamically. Mid-term HODLers are also increasing their BTC holdings. Long-term HODLers return to accumulation. We are still in the bull market.”
Top 10 stable, Binance coin (BNB) makes a nice rise
Within the top 10, the picture is similar. Compared to 24 hours ago, there have been no major falls or rises. Ethereum (ETH) is consolidating after its rejection at $3,000 and is up 0.3%. ETH is now worth $2,919. Cardano (ADA) is down 0.5% and is worth $2.11. Binance coin (BNB) is currently the biggest riser and is more than 7% in the plus.
The cryptocurrency of the decentralized derivatives platform dYdX is the biggest climber of the top 100. DYDX is up 30%. The rising price may be related to the situation in China, where Chinese people are denied access to crypto trading services. An assumption is that they therefore turn to decentralized platforms in order to still be able to trade.
All in all, the crypto market is rising in value again. All cryptocurrencies combined are now worth $1.88 trillion, an increase of 1.3% from 24 hours ago.