Bitcoin price dropped after hitting record high earlier this week. The world’s largest cryptocurrency touched all-time of around $66,900 on Wednesday after the successful launch of the first US bitcoin futures exchange-traded fund. This launch gave a boost to cryptocurrency, not legally accepted in many parts across the world, as an alternative asset class. Bitcoin price fell 2.84 per cent in the last 24 hours to $62,908.60, according to coinmarketcap.com at 0802 hours. Ether, Binance coin also slumped on October 22.
With the record high price, the world’s most popular cryptocurrency entered into “overbought” territory at one point on October 21. The digital asset’s 14-day relative strength index (RSI) clocked in at 71 on October 21. However, that session lasted for a very short span. “Despite the price of Bitcoin plunging by 4 per cent in the past 24 hours since reaching a new all-time high, trading at $63,000 as Asia markets open for the day, bitcoin has had a strong performance over 2021, further cementing its position as an asset class. Adding to that, Bitcoin has surpassed the Swiss Franc to become the world’s 13th largest currency—another promising sign of the industry’s growing legitimacy and credibility,” said CoinDCX research team.
“By all metrics, $BITO’s debut was a smashing success. The BTC-linked ETF saw nearly $1 billion in volume and garnered $570 million of assets on its first day of trading, making it the second largest ETF debut of all time. This has led to Bitcoin achieving its new all-time high of $66,931. For Bitcoin, support 2 is $53,000, Support 1 at $59,500, resistance 1 at $70,000 and resistance 2 at $74,500,” according to ZebPay trade desk.
Alongwith Bitcoin, Ether and other altcoins also slumped in the last 24. Ether fell 2.15 per cent to $4,110.02, according to coinmarketcap.com. Binance coin dropped 5.04 per cent to $474.69, while Cardano fell 3.16 per cent to $2.16.
“The top altcoin seems to be teasing the market with hopes of a move above $4,300 and making a new all-time high. However, the same has not been breached yet. Much of the appreciation that Ether has seen from the July lows can be credited to DeFiprojects accumulating more total value locked (TVL) and to the disinflationary mechanism introduced in EIP-1559. For Ether, the support 2 is at $3,330, Support 1 is at $3,675, resistance 1 at $4,375 and resistance 2 at $5,000,” according to ZebPay trade desk.
Here are the top cryptocurrencies and their prices on October 22, 2021 (data from coinmarketcap.com at the time of publishing the article)
Bitcoin – $62,908, 2.84 per cent down in the last 24 hours
Ether – $4,110.02, 2.15 per cent down in the last 24 hours
Binance Coin – $474.69 5.04 per cent down in the last 24 hours
Cardano – $2.16, 3.16 per cent down in the last 24 hours
Tether – $1.00, 0.02 per cent up in the last 24 hours
XRP – $1.10, 2.99 per cent down in the last 24 hours
Solana – $200.07, 9.00 per cent up in last 24 hours
Dogecoin: $0.2455, 2.90 per cent up in the last 24 hours
USD Coin $1.0, 0.03 per cent up in the last 24 hours
Polkadot – $43.87 1.29 per cent down in the last 24 hours
“Between ETF approval, ETF launch and now new all-time highs, the pace of news is frenetic, but all positive. The market feels firm based on client sentiment and derivative market positioning. This is absolutely a Bitcoin-led rally. When the dust does settle, expect to see renewed interest in Ether and other alt coins and for dispersion to increase. Altcoins too have seen an impressive increase over the past 2 days, most up between 4-9 per cent. This is typical of altcoins, as they tend to follow Bitcoin’s rally, usually with a slight lag, but this time, the rally that has taken place has been pretty instant, signaling a positive sentiment in the marketplace,” said ZebPay trade desk.
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