Saturday, October 1

Bitcoin Eyes $50K, Ethereum Reclaims $4,000 (Market Watch)

The past few days have been widely painted in green throughout the cryptocurrency market as the majority of coins chart considerable gains. Bitcoin’s price seems to be targeting $50K while Ethereum closed yesterday’s candle above $4K.

Bitcoin’s Price Targets $50K

In yesterday’s Market Watch, we reported that the bitcoin price managed to recover $3K in 24 hours, and the good news doesn’t stop there. Today, the market is once again painted in green, and the cryptocurrency is pushing towards the major psychological and technical resistance at $50,000.

At the time of this writing, BTC trades at slightly below $49,500, up 1.6% in the past 24 hours and 2.1% in the past seven days.

BTC/USD. Source: TradingView

It’s also worth noting that the past few days failed to rebalance the total market capitalization as Bitcoin’s dominance – the measure of BTC’s share relative to that of the entire market – remains unchanged at around 40%.

Ethereum Reclaims $4,000, Altcoins Bounce

ETH also took advantage of the broader market recovery throughout the past few days. The cryptocurrency is up around 1% in the past 24 hours, and it closed yesterday’s candle above $4K, reclaiming the level, at least for now.

The rest of the altcoin market is also looking relatively well.

Cryptocurrency Market Heatmap. Source: Quantify Crypto

As seen in the above heatmap, the market is recovering in the past 24 hours. Data from CoinGecko shows that in the last day, the biggest gainer is the SPELL token, up 17.8%, followed by MIOTA (15.9%) and CRV (15.4%).

On the other hand, BCHA lost the most and is down 37.6%, followed by LN (-7%) and AR (-3.2%).

From the top 10 cryptocurrencies by market cap, LUNA surged by 15%, and Ripple’s XRP surged by 8.2%. The latter is now eyeing $1 – again, a very important resistance level to consider.


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Cryptocurrency charts by TradingView.