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October 2, 2022
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Guide & Analysis

Market update: Bitcoin eyeing $ 19,400 and altcoins pointing up

Bitcoin stands above $ 19K

Cryptocurrency market capitalization has increased by $ 40 billion since Friday’s fall, when Bitcoin approached $ 19,400 and ETH came close to $ 600. After recovering the $ 19,000, the chances of breaking up $ 19,400 for Bitcoin seems more likely. Most altcoins slightly appreciated in one day, with Ethereum closing close to $ 600.

After last week’s roller coaster that resulted in Bitcoin dropping to $ 17,500 on two occasions, the main cryptocurrency started to gain value over the weekend. CryptoPotato reported that BTC exceeded $ 18,000 before doing the same at the $ 19,000 level. In the last 24 hours, BTC started another upward step and reached $ 19,400.

However, the bears quickly took over and took them south to a $ 18,900 intraday fund. However, Bitcoin jumped low and recovered $ 19,000 again, where it currently stands.

From a technical perspective, BTC could reach an unknown territory above $ 20,000 if it overcomes the first resistance lines by $ 19,400 and $ 19,920. Alternatively, the support levels that could help if Bitcoin were reversed are $ 18,800, $ 18,500, $ 18,300 and the psychological $ 18,000.

BTC / USD. Source: TradingView

Altcoins continue north

Altcoins suffered the most during last week’s Bitcoin price hike. However, they were equally impressive in their recovery over the weekend and have continued to do so for the past 24 hours.

Ethereum added an additional 2% in value and trades close to $ 590. Ripple continued its free fall after the airdrop Spark (FLR) and fell below $ 0.50.

Binance Coin (0.5%), Polkadot (2%) and Cardano (2%) also registered slight gains. Chainlink and Litecoin are the best performers in the top ten, with increases of 3.4% and 4.7%. As a result, LINK approached $ 13, while LTC traded above $ 80.

Cryptocurrency Market Overview. Source: Quantify Crypto

Overview of the cryptocurrency market. Source: Quantify Crypto

Stellar is the most impressive winner in the top 100 currencies. The XLM price increased to $ 0.174 after an 8% increase. Next are Energy Web Token (6.5%), THETA (6%), Uniswap (5.5%), Aave (5.5%) and THORChain (5%).

Overall, crypto market capitalization has increased by $ 40 billion since Friday’s declines.

Source: CryptoPotato

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