Today’s Crypto Prices: Bitcoin Dips Below $35,000, Ethereum Maintains $1,900, and Altcoins Surge Up to 6%
Bitcoin Hits 17-Month High After Federal Reserve’s Dovish Tone
Bitcoin and other crypto tokens maintained their bullish momentum on Thursday, with the oldest crypto asset reaching a 17-month high after the Federal Reserve’s dovish tone. The surge in crypto tokens followed the one-year anniversary of Sam Bankman-Fried’s crypto empire, FTX exchange.
Bitcoin and Ethereum Trading Trends
Bitcoin was trading slightly lower on Thursday, edging marginally lower by less than half a per cent and remaining below the 35,000-level. Meanwhile, Ethereum was seen in the green, slightly up and hovering around the $1,900-level, with the majority of altcoins trading with decent gains.
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, stated that Bitcoin had been trading in a narrow range of less than 2 per cent movement in the last 24 hours, indicating a slight drop in worldwide volumes. Despite this, any movement in Bitcoin’s prices should result in volumes returning.
Altcoins and NFT Marketplace Speculation
The ETH/BTC pair seemed to find support around the 0.05 BTC per ETH mark and saw a little bounce back, helping prominent altcoins show some upward momentum. Altcoin BLUR experienced a positive price action, rising by 18.1% in the last 24 hours. This increase could be attributed to speculation about it potentially becoming the world’s biggest NFT marketplace by trading volumes, especially after Opensea downsized by letting go of 50% of its staff recently.
Market Movements and Predictions
Most top crypto tokens were trading sharply higher, with Chainlink up 6%, Toncoin surging more than 5%, and various other tokens rising by 3-4%. The global cryptocurrency market cap was modestly higher, reaching the $1.33 trillion-mark, with total trading volumes increasing more than 6% to $40.46 billion.
CoinDCX Research Team stated that BTC and ETH remained steady in the last 24 hours, while altcoins saw a rise of 5-10%, accompanied by a decline in BTC dominance. The market capitalization of altcoins, excluding Bitcoin and Ethereum, reached nearly $400 billion, marking a positive sign for the crypto space.
Tech View by WazirX Trade Desk
The Graph(GRT), an indexing protocol catering to data querying needs in networks such as Ethereum and IPFS, played a pivotal role in numerous applications within the DeFi sector and the larger Web3 ecosystem. The GRT/USDT chart had been traversing within an ascending triangle pattern on the weekly time-frame, with the trend bouncing back from the bottom and fast approaching the upper trendline with twice its average trading volumes. Expectations are for the momentum to continue into the coming weeks, with the next resistance expected at 0.17 USDT and an immediate support at 0.12 USDT.
With the upcoming speech from Fed Chair Powell on November 8th, 2023, market volatility could potentially be introduced, making it a noteworthy event to monitor for the crypto space.
Overall, the bullish momentum in Bitcoin and other crypto tokens following the Fed’s dovish tone has led to positive market movements and potential opportunities for investors in the crypto space.
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