MARKET ANALYSIS – Bitcoin breached $20k, then slipped back around $19k over the weekend
The crypto markets flattened after an early week surge as latest employment data and oil cuts throws a setback.
The crypto market has seen a rapid - albeit predictable – decline over the weekend, drove by the U.S. unemployment rate (edged down to 3.5% in September) and OPEC oil cuts. While the US dollar spiked higher, cryptocurrency markets emulated equities, plunging into negative territory.
Following this trend, the price of Bitcoin has risen close to the $20,400 threshold until Thursday, then tumbled back over $19,000 level. Today, Bitcoin price is $19.421,61, down 0,10% in the last 24 hours with a trading volume of $17.998.155.255 USD. Overall, BTC is gaining 1.21% over the last week.
In the same vein as Bitcoin, Ethereum was seen marching towards the $1,400 mark again (reaching a weekly high of $1,379 on Thursday) to fall back just over $1,300 during the weekend. Ethereum price today is $1.318,41, down 0,18% in the last 24 hours with a trading volume of $6.193.681.575 USD. ETH is rising 2.02% from one week ago.
All other top crypto tokens were roughly trading in the green during the last week, with TerraClassicUSD (USTC) gaining 27.82%, Casper (CSPR) jumping 24.00% and XRP gaining 18.24% in the last 7 days. Among the worst performing, Helium (HNT) lost 7.06%, EOS 4.54% and Algorand (ALGO) 4.04% .
The global cryptocurrency market was trading marginally higher. At the time of writing, it’s at $937 billion, a 0.36% decrease in the last 24 hours. However, the total crypto market volume over the last 24 hours is $35.66B, which makes a 12.96% increase.