Bitcoin (BTC) broke through the $35,000 resistance level in the early morning of November 5 and has maintained its value above that level in the ensuing hours, indicating positive market sentiment despite the weekend lull.
The flagship crypto is currently trading at $35,155, with the bears failing to force a retracement for now, according to data from CryptoSlate.
Bitcoin had charted some of last week’s gains ahead of the US labor report, which showed that both bond yields and the labor market were starting to cool. However, it did not have a significant impact on Bitcoin this week.
Bulls struggled to get past the $34,000 to $35,000 channel, with only minor breakouts throughout the week. The flagship crypto has now been comfortably above last week’s resistance level for over 12 hours, with signs of consolidation.
The rally is likely a delayed effect of positive news about Bitcoin, specifically related to BlackRock’s spot exchange-traded fund (ETF). The market is eagerly awaiting the regulatory green light for multiple Bitcoin ETF applications filed by some of the world’s largest asset managers.
Experts predict that these ETFs will lay the foundation for institutional money to flow into crypto due to their fully regulated nature. Valkyrie Chief Investment Officer (CIO) Steven McClurg recently said in an interview that the SEC is expected to approve the ETF in November.
Altcoins are rising
Altcoins started to rise last week as Bitcoin prices rebounded as investors turned to other opportunities. Most of the top 100 tokens posted significant gains over the past week.
According to crypto analytics firm Santiment, altcoins are making up for lost time as profits from Bitcoin’s surge go to other large and mid-sized projects. The company highlighted that several mid-cap tokens are rising by more than 100% on a weekly basis.
NEO was one of the best performing cryptocurrencies over the past 24 hours and the past seven days, with a blistering gain of 32.04% and 59.3% respectively. The token has risen by more than 100% over a 30-day period. The momentum of the initial market rally was supported by further positive news about the ecosystem working on an Ethereum-compatible sidechain.
Meanwhile, many multiverse and gaming-related tokens have also posted significant spikes in the past 24 hours, including MultiversX (EGLD), Immutable X (IMX), and Illuvium (ILV).
EGLD has performed on par with NEO. The token is up 36.41% in the last 24 hours and 58.34% in the last seven days. IMX and ILV also rose over the weekend, but posted more moderate gains of 18.25% and 17.54% respectively over the past 24 hours.
PancakeSwap’s native token CAKE has also risen significantly over the past month, rising 83.54% – 77.68% of which occurred in the past week. The token has performed well since then, rising 16.67% in the past 24 hours.
At the time of writing, Bitcoin is number 1 in terms of market capitalization and so is the BTC price upwards 0.56% in the last 24 hours. BTC has a market capitalization of $682.01 billion with a 24-hour trading volume of $10.49 billion. More information about BTC ›
Market summary
At the time of writing, the global cryptocurrency market is valued at $1.31 trillion with a 24 hour volume of $32.72 billion. Bitcoin’s dominance currently stands at 52.02%. Learn more >