Bitcoin and Ether Market Update October 21, 2021
The total crypto market cap is at $2.79 trillion, 6 percent up for the last 24 hours. The top ten coins are all in green for the same time period with Solana (SOL) leading the pack with 21.5 percent of a price increase. At the time of writing bitcoin (BTC) is trading at $65,644. Ether (ETH) is at $4,323.
The cryptocurrency market initiated a strong uptrend last week that was mainly caused by the news that the United States Security and Exchange Commission (SEC) accepted and approved for the first time ever the ETF Futures registration from ProShares Trust’s Bitcoin (BTC) and also the one registered by Valkyrie.
Bitcoin in particular increased by 12.66 percent on a seven-day basis – a third consecutive week of growth for the biggest digital asset. It is also worth noting that we witnessed the highest weekly candle close in history.
The ProShares fund started trading on the morning of Tuesday, October 19 under the BITO tick and registered the largest natural one-day volume ever for an ETF futures product. The strong demand also caused a significant jump in the price of the major altcoins and especially the leading Layer 1 protocols.
The BTC/USDT pair closed the trading day on Monday at $62,000 after the price fell as low as $59,800 during intraday. The coin continued to move in the upward direction on Tuesday, adding another 3.6 percent to its valuation and hitting a daily high of $64,400.
The mid-week session on Wednesday saw bitcoin finally breaking its all-time high. Bulls pushed it up to $66,945 as the volumes were surging. On the other hand, the relative strength index went into the overbought area, surpassing the July 21 values.
What we are seeing midday on Thursday is a negligible pullback to the zone around $65,600.
The Ethereum Project token continues to be the top-performing asset right next to Bitcoin. It grew by 12.7 last week and was ready to attack the all-time high levels above $4,000.
On Monday, October 18, the biggest altcoin was rejected at the mid-term weekly downtrend like for the fourth consecutive day. This resulted in a pullback down to $3,744 and a 2.7 percent loss.
The Tuesday session was quite different. The Bitcoin ETF futures trading caused a spike in the price of all major altcoins and ETH was no exception. It formed the exact same candle as the one from the previous day but in the opposite direction.
The third day of the workweek came with an extension of the uptrend. The ether broke above the mentioned dynamic resistance and closed at $4,163 or 7.2 percent higher. The coin printed a new higher high, surpassing the September 3 high of $4,022.
As of the time of writing this market update, the ETH/USDT pair is trading close to a new all-time high – 4,323.