Fresh from the October 31st celebration of Bitcoin’s tenth anniversary, the crypto markets have turned up in greens, much to the delight of traders. Most of the top 100 coins indexed by Coinmarketcap are seeing slight gains on the day.
Buying interest in Bitcoin seemed to grow exponentially with the celebrations. The top cryptocurrency maintained its newly found low volatility levels, trading between $6270 and $6320 on October 31.
However, around 04:19 UTC on November 1, a bullish run saw bitcoin moved up to $6547 in less than two hours. The move was shortlived, though since the top coin has rescinded to $6344 at press time.
Major altcoin ETH also relied on the new influx of cash into the crypto markets to temporarily break the $200 resistance for the first time since October 29. Just like bitcoin, ETH’s breakthrough was shortlived, slipping back to $198 at press time.
Among the top ten coins, Ripple XRP and EOS are the only ones seeing above 2% gains on the day. EOS has the upper hand with a 2.79% increase while Ripple gains stand at 2.27%. Prices for the altcoins stand at $0.45 and $5.26 respectively.
Litecoin, LTC is the other top gainer within the top ten (1.96%/$49.9) on the day, closely followed by Cardano (ADA) (1.89%/$0.07) and BCH (1.69%). Steller (XLM) and Monero (XMR) and USDT ($0.99) are all seeing gains less than 1%.
General Crypto Market Outlook Nov 1
The relative stability experienced in the crypto market is generally expected to open the way to investors in the new asset class. High volatility levels have been a barrier for these set of traders and now may be the right time for them to jump in.
If this happens then a growth in the total market cap of cryptocurrencies will likely follow. At press time, total market cap stood at $205 billion while BTC dominance was pegged at 54%.
Read original at Coinfomania
Author: Wilfred Michael