By Lucas Williams
Bitcoin reclaimed the $60,000 level yesterday following Wednesday’s flash crashes that had the crypto market losing multiple dollars. The leading crypto by market dominance extended its upward trend to Friday, 29 October 2021. Meanwhile, most digital tokens benefited from BTC’s surge as they are in the green.
While publishing this article, Bitcoin has its value hovering at $60,923 after gaining around 2.8% over the past 24 hours. However, BTC trade at 3.9% low in the past seven days, following plummets from its latest all-time high. Meanwhile, Bitcoin’s capitalization is over 1.1 trillion, as its market dominance stands at 44.1%.
Meanwhile, different financial experts remain optimistic about the previous projection, stating that Bitcoin will attain new peaks before this year ends. For example, a notable cryptocurrency analyst, Michael van Poppe trusts that Bitcoin’s plan shows the dominant coin is rallying towards $90,000.
CrediBULL Crypto also confirmed similar sentiments, believing that BTC maintained its crucial price level. The analyst said that Bitcoin would keep its movements in the $63,000 – $64,000 range before exploding to historical highs.
Altcoins
Other cryptos, including Cardano, Solana, and ETH, rebounded. That was after recording value losses of 5 to 15% due to the price dip. Ethereum, the 2nd-largest crypto by market cap, reclaimed levels past $4K on Thursday. For now, the leading altcoin hovers at $4,319, up by 6.96% over the past 24 hours. Also, ETH trades 4.01% high over the past week, mimicking BTC’s actions.
Also, the Dutch crypto enthusiast van Poppe sees ETH hitting $10,000. Also, the meme crypto DOGE made a price comeback, increasing its value by over 25% in one day during 28 October sessions. However, the dog crypto trades at $0.2945, regardless of its 18.59% increase in one week. Friday had Dogecoin losing its value as its competitor SHIB surges.
The Global Crypto Market
The overall crypto market has its value at $2.59 trillion, a 3.49% increase in 24 hours. On the other hand, the market volume dropped by 15.64% over the previous day, hitting $160.2 billion. Meanwhile, DeFi volume is at $16.72 billion, 10.43% of the overall market 24Hr volume.