Bitcoin Consolidates Amid $60K: Fantom (FTM) Spikes 13% (Market Watch)

Following several days of impressive price surges and consecutive multi-month highs, bitcoin has calmed slightly but still stands above $60,000. Most altcoins are also untypically stagnant, with the exception of Fantom, which has surged by 13% in a day.

BTC Remains Above $60K

The primary cryptocurrency had dipped below $54,000 just four days ago before a fresh set of news in regards to the SEC approving a Bitcoin ETF in the States propelled a massive leg up.

BTC initially reconquered $58,000 – a level which was previously unable to – and kept climbing upwards. It faced some resistance at the psychological level of $60,000 but ultimately managed to break above it decisively on Friday and Saturday.

The push culminated in reaching $63,000, which became the highest price tag since April. After coming roughly 3% away from its all-time high, though, the bears came to play and drove BTC south again.

In the following hours, bitcoin lost about $3,000 of value to around $60,000 but, as of now, has remained above that coveted level. Its market capitalization has dipped to just shy of $1.150 trillion, and the dominance over the alts stands above 46%.

 TradingViewBTCUSD. Source: TradingView

Alts Stall: FTM Surges

In an untypical fashion, most alternative coins have also remained calm after the recent gains. Ethereum took a swing at $4,000 just days after falling below $3,500 but to no avail. It was stopped in its tracks at just over $3,900 and currently sits below that level.

Binance Coin has been among the most impressive performers as of late, but a 2.7% decline since yesterday has driven the asset to $465.

Cardano, Ripple, Polkadot, Dogecoin, Terra, and Litecoin are also in the red from the larger-cap alts. In contrast, Solana and Uniswap have marked minor gains.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

 

Most lower- and mid-cap alts have also failed to produce massive fluctuations. Fantom is among the very few exceptions. FTM has surged by more than 13% in a day and has tapped $2.25.

Ultimately, the crypto market cap has shed off $40 billion from yesterday’s high and is currently below $2.5 trillion.

Publication date: 
10/17/2021 - 08:23
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