Bitcoin (BTC) rose back beyond $60,000 on Thursday after two flash crashes on Wednesday that knocked hundreds of billions of dollars off the value of the cryptocurrency market.
The upward trend in Bitcoin’s value has continued into Friday, October 29, with numerous other digital currencies benefiting from the rising price of Bitcoin.
Presently, BTC is trading at $60,626, up 2.60% in the last 24 hours and down 4.21% over the previous week. Bitcoin is worth over $1.1 trillion and has 44.1% of the total market dominance.
Bitcoin 7 day price chart. Source: CoinMarketCap.com
However, despite Bitcoin’s most recent price decline, several notable experts have maintained their prior projections that the cryptocurrency would reach new all-time highs before the end of 2021.
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For instance, renowned crypto trading analyst Michael van de Poppe believes:
“Going according to plan, Bitcoin might be on the way towards $90K.”
Bitcoin chart to USDT. Source: Michael van de Poppe
A similar sentiment has been expressed by CrediBULL Crypto who believes that as Bitcoin has maintained its critical level, it will move between $63,000 and 64,000 before breaking out to the upside and reaching a new all-time high.
Our key level held beautifully. Expecting BTC to move up to 63-64k now and either range for some time (good for alts) or breakout to the upside to continue its ATH grind. $BTC https://t.co/um1eIx2J1J pic.twitter.com/s8czDfWd60
— CrediBULL Crypto (@CredibleCrypto) October 29, 2021
Notably, other cryptocurrencies, including Ethereum (ETH), Solana (SOL), and Cardano (ADA), have also rebounded after seeing a loss in value of between 5 and 15% during the dip.
Ethereum, the second-largest cryptocurrency in the world by market value, returned above $4,000 on Thursday. It is now changing hands at $4,319, up 6.96% in the last 24 hours and up 4.01% during the previous seven days thus, continuing its outperformance relative to Bitcoin.
Apart from Bitcoin, Dutch trading analyst van de Poppe considers “Ethereum to $10,000 this cycle.”
Dogecoin (DOGE), the meme currency, has also made a comeback, as its price increased by more than 25% in just 24 hours on October 28, however now it is trading at $0.2945 despite surging 18.59% in the week is down 4.11% on Friday following its spike against competitor SHIB.
The global market
The total value of the cryptocurrency market is $2.59 trillion, representing a 3.49% gain over the previous day.
Global crypto market 1 month chart. Source: CoinMarketCap.com
Meanwhile, during the previous 24 hours, the market volume has decreased by 15.64% to $160.20 billion. The overall volume in DeFi is presently $16.72 billion, accounting for 10.43% of the entire 24-hour volume in the market. In contrast, the volume of all stable currencies is currently $128.30 billion, accounting for 80.09%. source : Finbold.com