Market Watch: Will The New Week Finally Move Bitcoin Price?

Bitcoin has continued to overcome the recent adverse news and jumped to an intraday high of $11,550 a few hours ago. Ethereum has also increased in value to about $375, while most other large-cap altcoins remain relatively still.

Bitcoin Sees A $11,550 High

As reported yesterday, the weekend was fairly bullish for the cryptocurrency market. Despite reports indicating that the popular digital asset exchange OKEx has suspended withdrawals as its founder was purportedly taken away by the policy, Bitcoin stood firm at $11,350.

In the past 24 hours, the primary cryptocurrency has continued its way upwards. After gradually increasing to about $11,400, BTC spiked to a 3-day high of $11,550 (on Binance). This was the highest level since before the OKEx news broke out on Friday.

However, the bulls couldn’t keep the run going, and BTC dipped to $11,410 in the following hours. Nevertheless, the asset has reclaimed some ground and currently hovers around $11,440.

 TradingViewBTCUSD. Source: TradingView

The latest price increase could be related to the developments with US stock futures. The futures contracts of the Dow Jones Industrial Average and the S&P 500 jumped by 0.5%, while the Nasdaq 100 futures rose by 0.7%.

Stability Among Large-cap Altcoins

After breaking above $370 yesterday, Ethereum has kept its momentum. Another $1.5% increase for ETH has pushed the second-largest cryptocurrency to about $375.

In contrast, Binance Coin has dropped by 2% despite the recent massive burn. As a result, BNB has dipped below $30.

The remaining top 10 representatives have displayed an untypical lack of volatility. Ripple (-0.5%), Bitcoin Cash (0.2%), Polkadot (0.4%), Chainlink (0.1%), and Litecoin (-0.2%) have essentially kept their value at the same levels as yesterday.

 quantifycryptoCryptocurrency Market Overview. Source: quantifycrypto

Filecoin is the most substantial loser for a few consecutive days now. FIL’s recent 22% dump has taken the asset to $31. As CryptoPotato wrote yesterday, FIL miners have it the worst.’s native cryptocurrency has also lost a significant chunk of value. CRO’s 11% price slump means that it trades below $0.12.

The most impressive gains are evident from Aave and Uma. LEND has jumped by 20% to $0.49, while UMA (17%) trades at $8.75.

The post Market Watch: Will The New Week Finally Move Bitcoin Price? appeared first on CryptoPotato.

Publication date: 
10/19/2020 - 07:50

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.