Bitcoin
Bitcoin (BTC)
$70,040.00 -0.40412
Bitcoin price
Ethereum
Ethereum (ETH)
$3,542.47 -0.72219
Ethereum price
BNB
BNB (BNB)
$616.66 5.84088
BNB price
Solana
Solana (SOL)
$185.59 0.94177
Solana price
XRP
XRP (XRP)
$0.6323610 2.07192
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000307 -4.424
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000078 -3.7383
Pepe price
Bonk
Bonk (BONK)
$0.0000269 -1.26593
Bonk price
Bitcoin
Bitcoin (BTC)
$70,040.00 -0.40412
Bitcoin price
Ethereum
Ethereum (ETH)
$3,542.47 -0.72219
Ethereum price
BNB
BNB (BNB)
$616.66 5.84088
BNB price
Solana
Solana (SOL)
$185.59 0.94177
Solana price
XRP
XRP (XRP)
$0.6323610 2.07192
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000307 -4.424
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000078 -3.7383
Pepe price
Bonk
Bonk (BONK)
$0.0000269 -1.26593
Bonk price
Bitcoin
Bitcoin (BTC)
$70,040.00 -0.40412
Bitcoin price
Ethereum
Ethereum (ETH)
$3,542.47 -0.72219
Ethereum price
BNB
BNB (BNB)
$616.66 5.84088
BNB price
Solana
Solana (SOL)
$185.59 0.94177
Solana price
XRP
XRP (XRP)
$0.6323610 2.07192
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000307 -4.424
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000078 -3.7383
Pepe price
Bonk
Bonk (BONK)
$0.0000269 -1.26593
Bonk price
Bitcoin
Bitcoin (BTC)
$70,040.00 -0.40412
Bitcoin price
Ethereum
Ethereum (ETH)
$3,542.47 -0.72219
Ethereum price
BNB
BNB (BNB)
$616.66 5.84088
BNB price
Solana
Solana (SOL)
$185.59 0.94177
Solana price
XRP
XRP (XRP)
$0.6323610 2.07192
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000307 -4.424
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000078 -3.7383
Pepe price
Bonk
Bonk (BONK)
$0.0000269 -1.26593
Bonk price

Bitcoin, Ether, Major Altcoins – Weekly Market Update October 4, 2021

Markets
Bitcoin, Ether, Major Altcoins – Weekly Market Update October 4, 2021

The total crypto market cap added $167 billion to its valuation for the last seven-days and now stands at $2,114 billion. The top 10 coins were all in green for the same time period with Solana (SOL) and Binance Coin (BNB) leading the group with 24 and 22.4 percent of gains respectively Bitcoin (BTC) is currently trading at $47,600 while ether (ETH) is at $3,342.

BTC/USD

Bitcoin closed the trading session on Sunday, September 26 at $43,158 right below the 21-period Exponential Moving Average (EMA) on the Weekly chart. This dynamic price-movement indicator when crossed down usually tells whether a particular asset has turned from bullish to bearish. However, bitcoin has a long history of not respecting the short-term averages. The coin ended the week with an 8.9 decrease of its valuation, but still in the $43,000 – $44,000 area which is considered a mid-term support/resistance.

On Monday, it climbed up to $44,400 during intraday, but the bullish momentum was not strong enough to support a reversal to the upside. Sellers stepped in and pushed the price down to $42,180 at the daily close.

The Tuesday session was no different and the BTC/USDT pair fell further to $41,100 – touching the January 2021 high, which was also the May/June price resistance line. The level now acts solid support, unbreakable since September 21.

The mid-week session on Wednesday saw BTC jumping to $41,500 as buying volumes increased significantly.

On Thursday, September 23 the biggest cryptocurrency registered its second consecutive day in green. It closed at $43,830 after hitting the short-term diagonal downtrend line and the 21-day EMA during intraday. Still, it added 5 percent for the day ending the month of September with a 6.9 percent loss.

The trading day on Friday was the first one for October. BTC broke above the mentioned resistances and rallied all the way up to $48,150 adding another 10 percent in its biggest one-day increase since July.

The weekend of October 2-3 started with a short pullback to $47,700 on Saturday as some traders were taking profits or starting to rotate their funds into altcoins. Then on Sunday, bitcoin closed at $48,260 after touching $49,250 earlier in the session.

What we are seeing on Monday is another short red candle to $47,600.

Bitcoin, Ether, Major Altcoins - Weekly Market Update October 4, 2021 - 1

ETH/USD

The Ethereum Project token ETH is in a downtrend ever since it hit $4,036 on September 3. The coin formed a solid downtrend channel and by September 26 reached the demand zone located in the $3,000 – $,3100 area. That area provided stability for almost two months.

The ether closed the previous trading week at $3,065, 7,5 percent down on a weekly basis, in its third straight seven-day period in red.

On Monday, the ETH/USDT pair formed the exact same candle but in the opposite direction, completely erasing the gains from the previous day and eventually closing at $2,931.

The second day of the workweek came with a drop below the mentioned demand zone as ETH hit $2,770 for the fifth time in seven days. This mark is now considered short-term support.

On Wednesday, September 29 we saw the leading altcoin rebounding from the mentioned level and forming a short green candle to $2,854 after climbing as high as $2,947 during intraday.

ETH broke back into the old support above $3,000 on Thursday. The coin was looking more and more ready to reverse the short-term trend. It added 5.8 percent on a daily basis.

The last day of the workweek came with a 10 percent increase for the ether as it surpassed the diagonal downtrend and reached another mid-term resistance near $3,300. The leading altcoin climbed above the 21-day EMA as the Infrastructure Bill voting was once again delayed by the US lawmakers.

The cryptocurrency market was rallying on the news that the Federal Reserve does not have any plans to ban Bitcoin or any other digital asset and won’t follow the example set by the Chinese government.

The ETH token continued to move north during the weekend, closing the Sunday session at $3,423. It is currently trading at $3,342.

 

Bitcoin, Ether, Major Altcoins - Weekly Market Update October 4, 2021 - 2

Leading Majors

  • Binance Coin (BNB)

The native token of the Binance Smart Chain and the official currency of the Binance Exchange is on the rise once again. This time though, the rally is driven not by technical levels but rather from fundamentals.

Beta Finance – a new cross-chain money market protocol was announced as the next project on Binance’s Launchpad, scheduled to be listed by the end of the week.

The initial offering process at Binance involves locking a big amount of BNB tokens for the users to be eligible to receive the newly issued coins, so big accounts, and ordinary traders are accumulating large amounts of it prior to the launch, which usually results in a short-term price rally.

The BNB/USDT pair added 24 percent to its value for the last seven-day period and successfully surpassed the $375-$390 resistance.

The coin is currently struggling to climb above the June high of $430, but will most probably remain in an uptrend at least until the above-mentioned offering is completed.

 

Bitcoin, Ether, Major Altcoins - Weekly Market Update October 4, 2021 - 3

Altcoin of the Week

Our Altcoin of the week is Axie Infinity (AXS). One of the leading blockchain gaming projects and most popular metaverses, AXS tripled in value for the period since September 23. The coin added 133 percent to its valuation during the last week after registering over $2 billion in volume for the third quarter. The company also announced a staking feature which caused some additional attention from investors.

The AXS token hit an all-time high of $153 on Monday morning and climbed up to #21 on CoinGecko’s Top 100 list with a total market cap of approximately $9.17 billion.

Since the coin is in price discovery, it will be difficult to predict the future movement, but it will most definitely try to stabilize around the $150 level and avoid rapid pullbacks.

As of the time of writing the AXS/USDT pair is hovering around $149.

Bitcoin, Ether, Major Altcoins - Weekly Market Update October 4, 2021 - 4

 

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