September 30, 2022

Bitcoin Eyes $50K, Ethereum Reclaims $4,000 (Market Watch)

2 min read

The previous couple of days have been widely painted in green throughout the cryptocurrency market as the majority of coins chart substantial gains. Bitcoin’s cost appears to be targeting $50K while Ethereum closed the other day’s candle light above $4K.

Bitcoin’s Price Targets $50K

In the other day’s Market Watch, we reported that the bitcoin cost handled to recover $3K in 24 hours, and fortunately does not stop there. Today, the market is when again painted in green, and the cryptocurrency is pushing towards the major psychological and technical resistance at $50,000.

At the time of this writing, BTC trades at slightly listed below $49,500, up 1.6% in the past 24 hours and 2.1% in the previous 7 days.

img1_btcchart
BTC/USD. Source: TradingView It’s also worth keeping in mind that the – previous few days failed to rebalance the overall market capitalization as Bitcoin’s dominance – the procedure of BTC’s share relative to that of the whole market – stays unchanged at around 40%. Ethereum Reclaims$ 4,000, Altcoins Bounce ETH likewise took advantage of the broader market recovery throughout the past few days. The cryptocurrency is up around 1% in the previous 24 hours, and it closed the other day’s candle above $4K, recovering the level, a minimum of for now.

The rest of the altcoin market is also looking reasonably well.

img2_heatmap
Cryptocurrency Market Heatmap. Source: Quantify Crypto

As seen in the above heatmap, the market is recovering in the past 24 hours. Data from CoinGecko reveals that in the last day, the biggest gainer is the SPELL token, up 17.8%, followed by MIOTA (15.9%) and CRV (15.4%).

On the other hand, BCHA lost the most and is down 37.6%, followed by LN (-7%) and AR (-3.2%).

From the leading 10 cryptocurrencies by market cap, LUNA rose by 15%, and Ripple’s XRP rose by 8.2%. The latter is now eyeing $1 – – once again, a very crucial resistance level to consider.