Other than a slump, there have been no major movements in the cryptocurrency market in the past 24 hours. Bitcoin (BTC) is still in an uptrend, but most altcoins colors red today. The market is therefore starting to talk about a “bitcoin season” that may well play out before we see an “altcoin season”. Last night’s dip caused total market capitalization to briefly drop to $2.35 trillion, but it has since recovered to $2.43 trillion.
Bitcoin
Bitcoin (BTC) briefly peaked above USD 56,000 yesterday morning, but then corrected back to USD 55,000. Towards the end of the evening, bitcoin again seemed to be on the verge of breaking out for a while. The price then shot up just as hard, touching close to $57,000, but then also corrected hard again, dropping all the way back to $54,650 overnight.
Bitcoin then began to climb rapidly again. At the time of writing, bitcoin is actually tapping $57,000. It’s a 4.3% increase in just hours and is the highest point since the May 12 crash. The price is now only about 12% below its all time high (ATH) and we may see another test of the resistance around USD 58,000 today. Altcoins are lagging today, bringing bitcoin dominance to 44%, the highest since early August.
$BTC stupid vs #ALTSEASON
Alts bleeding out again as we speak, most down around 10-20% vs the BTC pair since this postEach 1% = roughly a 10% drop vs BTC ratios
Volatile week ahead w/etf not conductive to high alt exposure
Remember long alts is equivalent to short btc short vol https://t.co/hWQulj6Qo7 pic.twitter.com/nv11k4IUHZ
— Pentoshi Won’t Dm You. hate DMs. DMs are scams (@Pentosh1) October 10, 2021
altcoins
Ethereum (ETH) already failed to hold on to USD 3,600 yesterday and slipped towards USD 3,500 during Sunday. Towards the end of the day, the ether price plummeted for a while and reached $3,400 last night. There, ether made another bounce and at the time of writing, the price is still recovering to $3,600.
We see the same again with cardano (ADA) playing. ADA failed to hold on to USD 2.30 and dipped all the way to USD 2.18 by midnight. From there, ADA rebounds and comes in at $2.25 at the time of writing. Binance Coin also dipped quite a bit last night, but is now back around $420.
Ripple (XRP) rose sharply on Saturday, bringing the price to $1.22 on Sunday morning. However, since that peak, XRP has been correcting downwards and the price dipped to $1.13 last night. XRP is currently recovering to $1.18. This is also reflected in polkadot (DOT). DOT rose sharply on Saturday, peaking around $37.3 on Sunday, but has since slipped back to around $35.3.
Dogecoin (DOGE) was able to rise sharply at the beginning of last week, but last night it dipped the hardest of the top 10 largest crypto. DOGE fell to USD 0.228 last night but has since recovered slightly to USD 0.238. Just below that, we see terra (LUNA) as the 11th largest crypto fall even harder. LUNA reached close to $50, an ATH, a week ago, but is now nearing $40.
Just below that, we see shiba inu (SHIB) rising again. SHIB has again recaptured place number 12 on the list of largest crypto. SHIB dropped to $0.000025 on Sunday and ends up at $0.000027 this morning.