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October 31, 2020
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Guide & Analysis

Bitcoin reaching $ 11,000? American market futures begin week in the green

Bitcoin followed the gains of U.S. stock market futures and reached a high of more than $ 10,950 in 7 days. Crypto market capitalization has also increased by about $ 10 billion since yesterday.

Bitcoin continued to gradually increase in value and even came close to challenging the $ 11,000 today. Adding some impressive altcoin gains, total market capitalization has increased by $ 10 billion since yesterday’s fall.

Bitcoin at $ 11,000?

The BTC yesterday, hovered mainly between $ 10,650 and $ 10,750. Shortly thereafter, however, the BTC fell and marked an intraday low below $ 10,600.

The price drop was short-lived and BTC started to increase. First, the asset returned to its family home of around $ 10,750 before exploding to its daily high of $ 10,950.

Moving forward, the $ 11,000 remains the most critical resistance to the BTC’s rise. If successfully conquered, the cryptocurrency could reach $ 11,200, $ 11,360 and $ 11,530 as possible next resistance levels.

The increase in Bitcoin may be related once again to events with U.S. stock futures. Futures contracts for S&P 500, Nasdaq Composite and Dow Jones Industrial Average show gains of about 0.3% in futures trading.

Chainlink and cardano in motion

Ethereum and Ripple remained relatively stagnant on a 24-hour scale, as both are slightly red. ETH is trading at around $ 357, while XRP is trading at $ 0.243.

By increasing its value by 3.3%, Bitcoin Cash widened the gap with Binance Coin (-0.3%) by establishing itself in 5th place.

The most impressive gains from the top 10 come from Chainlink and Cardano. LINK rose 4.5% to almost $ 11. ADA rose 7% to over $ 0.10. As a result, Cardano overtook Crypto.com Coin (0.7%) to 9th position.

Bitcoin reaching $ 11,000? American market futures begin week in the green 25

Double-digit price increases are evident in some lower capitalization altcoins. Arweave leads with a peak of 33%, followed by Swipe SXP (27%), CyberVein (15%) and OMG Network (10%).

In contrast, ABBC Coin lost most of its value (-18%). Midas Touch Gold (-10%), Yearn.Finance (-9%) and DFI.Money (-9%) are next.

However, the market capitalization of cryptocurrencies has increased to almost $ 350 billion, after reaching a low of $ 340 billion yesterday.

Source: cryptopotato

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