Weekly Cryptocurrency Update (Oct 09 – 15) – Top 5 Cryptocurrency Coins to Watch
Arslan Butt • 5 min read
Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)
The BTC/USD coin pair maintained its long uptrend of the previous day, remaining well bid around $59,500. Bitcoin is showing positive signs against the US dollar, above the $59,000 level. BTC could gain further pace, and it might even test the $60,000 resistance zone. The BTC price corrected a few points below the $58,000 level. However, the declines were limited below $57,000, before it started a fresh increase.
The price traded all the way down to $56,888, and then it started a fresh increase. It even rose above the resistance levels of $58,500 and $59,000. Bitcoin is now trading above $59,500 and the 100-hourly simple moving average. Initial resistance is near the $59,500 level. The first key resistance is near the $59,650 level. This is close to the 1.618 Fib extension level of the downside correction from the upswing to $58,580, to the downswing that took it to $56,888.
In contrast to this, Bitcoin could start a downside correction if it fails to clear the $59,500 resistance zone. Immediate support to the downside is near the $58,200 level. The first-major support is building near the $58,000 mark, (the recent breakout zone). A downside below the $58,000 level might set off a wider drop. The next significant support is currently in place near the $56,800 mark and the 100-hourly SMA. The BTC/USD is trading at $59,504.2, having gained over 2.39% in 24-hours. It should also be noted that the current market ranking of BTC is No. 1, with a live market cap of USD 1,065,578,155,437. It has a circulating supply of 18,840,512 BTC coins and a max. supply of 21,000,000 BTC coins.
However, Bitcoin’s upward rally could be attributed to the latest reports suggesting that the SEC is set to allow the Bitcoin futures ETF to trade, as of next week. The long-awaited launch of a Bitcoin exchange-traded fund could finally be launched on Monday. Bloomberg claims that the US Securities and Exchange Commission is set to approve the country’s first Bitcoin futures exchange-traded funds, citing “people familiar with the situation”. As a result, Bitcoin trading has turned bullish, as more whales and institutions are investing in Bitcoin.
Meanwhile, the Blackrock CEO agrees with JPMorgan Boss Jamie Dimon about Bitcoin, and sees a huge role for digitized currency. When asked if he believes Bitcoin is worthless, Blackrock’s CEO says he’s “more on the Jamie Dimon camp.” Speaking on digitized currency, the executive says he’s thrilled by the public’s enthusiasm for cryptocurrencies and believes they have “a significant role to play in terms of digitized currency.” Positive news tends to have a positive impact on Bitcoin prices.
Elsewhere, the selling bias surrounding the dollar was seen as another key factor that pushed the BTC/USD pair higher. The broad-based US dollar is headed for its first weekly drop against significant peers since the start of last month, falling back from a one-year high, as traders turn their positions to riskier assets, in the wake of an upbeat market sentiment.
Weekly Cryptocurrency Summary – Ethereum (ETH/USD)
The ETH/USD coin pair has gained pace above the $3,800 resistance zone against the US dollar. The ETH price is showing positive signs, and it could even surge above $4,000. Ethereum initially settled above the $3,500 level, moving into a positive zone. ETH has started a fresh increase above the $3,750 resistance zone and the 100 hourly simple moving average. The price cleared the $3,750 resistance in an upward move.
Ultimately, the price climbed above $3,800, even trading as high as $3,838. The price is now consolidating gains above the $3,800 level. It is well above the 23.6% Fib retracement level of the recent rally from the low of $3,414 to the high of $3,838. There is also a major bullish trendline forming, with support near $3,800 on the hourly ETH/USD chart. Immediate resistance on the upside is near the $3,840 level.
The next significant resistance is around the $3,850 level, above which the price might start a fresh bullish rally, which could see the price hitting the $4,000 level. Any further gains could set the pace for a move towards the $4,200 level in the near term. Bitcoin could start a new downside correction if it fails to continue higher above the $3,850 and $3,920 resistance levels. Initial support to the downside is near the $3,800 level.
However, the selling bias in the US dollar was considered one of the key factors that kept the ETH/USD prices higher. The broad-based US dollar maintained its previous bullish bias, remaining well bid on the day. An improved risk sentiment, which boosted global stocks, commodity prices and bond yields, weighed on the safe-haven US dollar.
On the other hand, the heavy buying bias surrounding the world’s largest cryptocurrency, Bitcoin, has also played a significant role in underpinning the ETH prices. Bitcoin is showing positive signs above the $57,000 level against the US dollar. This could help BTC to gain pace, and it might even test the $60,000 resistance zone.
Weekly Cryptocurrency Summary – Litecoin (LTC/USD)
The LTC/USD coin pair extended its early-day winning streak, remaining well bid around the 185.00 level. Litecoin is trading at $183.751, with a 24-hour trading volume of $2,892,530,880. Litecoin has risen by 2.65% in the last twenty-four hours. It’s market ranking is No. 16, with a live market cap of $11,946,790,640. Litecoin has a circulating supply of 66,752,615 LTC coins and a max. supply of 84,000,000 LTC coins.
The positive performance in the crypto market, which tends to underpin LTC coins, could be the reason for its upward advance. Moreover, the gains could be long-lived, as the selling bias in the broad-based US dollar is having some further bullish impact on the LTC/USD pair.