Via ➡️ tradexp2p.com
Bitcoin (BTC) broke through the $35,000 resistance level early on November 5 and remained above that level for several hours afterwards, with positive market sentiment despite the weekend lull.
The flagship cryptocurrency is currently trading at $35,155, according to data from tradexp2p, and the bears have so far failed to force a pullback.
Bitcoin had regained some of last week's gains on expectations that US jobs data would show that both bond yields and the labor market are starting to cool. However, this week did not have a significant impact on Bitcoin.
The Bulls struggled to break out of the $34,000 to $35,000 channel this week with only a slight breakout. The flagship cryptocurrency has been comfortably above last week's resistance level for over 12 hours, showing signs of consolidation.
This rally is likely a result of delayed positive news regarding Bitcoin, particularly 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 the fully regulated nature of these ETFs will pave the way for institutional investors to invest cash in cryptocurrencies. Stephen McClurg, Valkyrie's chief investment officer, recently said in an interview that the SEC expects to approve the ETF in November.
Rise of altcoins
Altcoins began rising last week as Bitcoin prices fell as investors looked for other opportunities. Most of the top 100 tokens recorded significant gains during the week.
According to crypto dissection firm Santiment, altcoins are making up for lost time as gains from Bitcoin's surge shift to other large- and mid-cap projects. The company highlighted that several mid-cap tokens are increasing more than 100% weekly.
NEO was one of the best performing cryptocurrencies in the last 24 hours and the last 7 days, registering a significant profit of 32.04% and 59.3%, respectively. The token is up more than 100% in 30 days. The market's real bullish momentum was supported by new positive news about the ecosystem that operates on Ethereum-compatible sidechains.
Meanwhile, several multiverse and gaming-related tokens, including MultiversX (EGLD), Immutable X (IMX), and Illuvium (ILV), also recorded significant spikes in the past 24 hours.
EGLD showed comparable performance to NEO. The token has vacated 36.41% in the last 24 hours and 58.34% in the last 7 days. IMX and ILV also rose over the weekend, but posted more modest gains of 18.25% and 17.54%, respectively, in the last 24 hours.
PancakeSwap's native CAKE token also gained significantly over the past month, jumping 83.54%. 77.68% of them occurred in the last week. Since then, the token has performed well, gaining 16.67% in the last 24 hours.
BTC price and market data
At the time of writing, Bitcoin ranks first in terms of market capitalization and the price of BTC is up 0.56% over the last 24 hours. The market capitalization of BTC is $682.01 billion. The trading size for 24 hours is $10.49 billion. More information about BTC ›
Descriptivo BTCUSD de TradingView
Military view of the market
At the time of writing, the value of the global virtual currency market is $1.31 trillion and the 24-hour market size is $32.72 billion. Bitcoin's dominant status is currently 52.02%
