Major cryptocurrencies maintained their bullish momentum over the weekend, raising expectations for new all-time highs.
Cryptocurrency Rise +/- Price (Recorded at 8:45pm EDT)Bitcoin BTC/USD+1.26%$69,123.24Ethereum ETH/USD
+3.79%$2,744.10 Dogecoin DOGE/USD +0.96%$0.1444
What happened: Bitcoin rose above $69,000 late in the evening, a level not seen since the first week of June. The world’s largest cryptocurrency rose 8.9% in October, a month that has historically averaged gains of more than 21%.
Ethereum soared to $2,750, its highest level since the August meltdown. The second-largest cryptocurrency soared nearly 12% last week.
In the past 24 hours, 56,654 traders were liquidated, bringing the total amount liquidated to $134.09 million. According to Coinglass, more than $805 million in Bitcoin shorts will disappear if the major cryptocurrency reaches $72,000.
Bitcoin open interest rose 2.87% in the past 24 hours, while funds pegged to the Ethereum futures market surged 8.84%, showing bullish momentum.
According to the Crypto Fear and Greed Index, market sentiment was one of “greed” at the time of writing.
Top Gainers (24 hours)
Cryptocurrency +/- Price Rise (Recorded at 8:45 PM EDT) Apecoin (APE)+62.30%$1.42dYdX (DYDX)+27.87%$1.26Mog Coin (MOG)+11.94%$0.00000228
Global cryptocurrencies rose 2.20% in the past 24 hours to $2.39 trillion.
Stock futures rose slightly on Sunday night. Dow Jones Industrial Average futures were up 53 points, or 0.13%, as of 8:45 p.m. EDT. Futures tied to the S&P 500 rose 0.12% and Nasdaq 100 futures rose 0.14%.
The Dow Jones Industrial Average and S&P 500 closed at record highs on Friday, the gains following a favorable week for blue-chip indexes. The closing price was a record high of 43,239.05. The Dow Jones Industrial Average has increased 2.23% since the start of October, while the composite index has increased 1.77% during the same period.
Tech giants such as Tesla Inc. TSLA and Amazon.com Inc. AMZN are scheduled to report earnings this week, providing important triggers for the market.
See more: Best Cryptocurrency Scanner
Analyst Note: Prominent crypto researcher and trader Recto Capital believes that a weekly close above the red resistance will signal a multi-month downtrend for Bitcoin towards at least $70,000. He said he would get out of the channel.
King Crypto was able to do just that, but it remains to be seen whether the analyst predictions are correct.
Widely followed cryptocurrency analyst Ali Martinez drew attention to the bullish pivot of the MVRV Momentum indicator, which is considered the “go-to” indicator for assessing Bitcoin trends.
Regarding Ethereum, the analyst highlighted that holdings of $2,660 could allow the coin to rise to $3,300.
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