The upward trend in Bitcoin’s value has continued into Friday, October 29, with numerous other digital currencies benefiting from the rising price of Bitcoin. Presently, BTC is trading at $60,626, up 2.60% in the last 24 hours and down 4.21% over the previous week. Bitcoin is worth over $1.1 trillion and has 44.1% of the total market dominance. However, despite Bitcoin’s most recent price decline, several notable experts have maintained their prior projections that the cryptocurrency would reach new all-time highs before the end of 2021. For instance, renowned crypto trading analyst Michael van de Poppe believes: A similar sentiment has been expressed by CrediBULL Crypto who believes that as Bitcoin has maintained its critical level, it will move between $63,000 and 64,000 before breaking out to the upside and reaching a new all-time high.
Altcoins
Notably, other cryptocurrencies, including Ethereum (ETH), Solana (SOL), and Cardano (ADA), have also rebounded after seeing a loss in value of between 5 and 15% during the dip. Ethereum, the second-largest cryptocurrency in the world by market value, returned above $4,000 on Thursday. It is now changing hands at $4,319, up 6.96% in the last 24 hours and up 4.01% during the previous seven days thus, continuing its outperformance relative to Bitcoin. Apart from Bitcoin, Dutch trading analyst van de Poppe considers “Ethereum to $10,000 this cycle.” Dogecoin (DOGE), the meme currency, has also made a comeback, as its price increased by more than 25% in just 24 hours on October 28, however now it is trading at $0.2945 despite surging 18.59% in the week is down 4.11% on Friday following its spike against competitor SHIB.
The global market
The total value of the cryptocurrency market is $2.59 trillion, representing a 3.49% gain over the previous day. Meanwhile, during the previous 24 hours, the market volume has decreased by 15.64% to $160.20 billion. The overall volume in DeFi is presently $16.72 billion, accounting for 10.43% of the entire 24-hour volume in the market. In contrast, the volume of all stable currencies is currently $128.30 billion, accounting for 80.09%. [coinbase]
