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The Crypto Market Isn't Overcrowded, Yet

By FxPro Financial Services Ltd (Alexander Kuptsikevich)CryptocurrencyOct 28, 2021 09:41AM ET

www.investing.com/analysis/the-crypto-market-isnt-overcrowded-yet-200606653

By FxPro Financial Services Ltd (Alexander Kuptsikevich) | Oct 28, 2021 09:41AM ET

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BTC/USD

+0.09%

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ETH/USD

-0.08%

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DOGE/USD

+1.24%

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NCID

+1.80%

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SHIB/USD

+3.00%

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The cryptocurrency market moved into a correction phase after Bitcoin's dip. From the US session until the beginning of trading in Europe, Bitcoin steadily traded below $60,000 but jumped at the start of the European session. Nevertheless, for the week, the coin was down almost 10%. If we are seeing a local bottom now, the news is good enough.

BTC/USD found buyers after the downturn under $60,000.

Some believe this could be a balancing process before the push for new highs. Others think it's the beginning of a broader correction that will take Bitcoin to $45,000-$50,000. If Bitcoin falls to these lows, expect new buyers to step in.

Ethereum

Meanwhile, Ethereum's blockchain has received another update, and although the final phases of the roadmap are still a long way off, it is seen positively by crypto market participants. Despite the retreat from the highs, the second cryptocurrency is holding above $4,000.

ETH/USD is in demand thanks to a network update.

Total cryptocurrency capitalization is $2.5 trillion, near historic highs. Bitcoin's dominance index is at a comfortable value of about 44.5%, reflecting the broad demand across the crypto market.

The Crypto Fear & Greed Index has surrendered ground recently but remains firmly in "greed" mode. The RSI for Bitcoin on the daily chart is retreating from the overbought area. Both indicators point to a widening space for Bitcoin's growth.

SHIBA INU and Dogecoin Skyrocket

Several altcoins stood out firmly and have the limelight. We are talking about the two meme tokens, Dogecoin and SHIBA INU. At one point, SHIBA INU's capitalization exceeded $50 billion, pushing Ethereum out of 7th place on CoinMarketCap. Of course, such episodes of growth are followed by a correction.

Top 10 cryptocurrencies by capitalization.

Nevertheless, the situation is quite remarkable. The community considers SHIBA INU to be the "killer" of Dogecoin. But the crypto market space is quite enough for these two projects to coexist in harmony, with speculators switching from one to the other.

Another bright hero of the last few days was a 1inch token, which at some point jumped in price by 100% within a day. The coin got help from such fundamental factors as listing on the Upbit exchange and increased user activity.

Conclusion

As before, the crypto market continues to generate lightning-fast success stories attracting more investors to the sector, hoping to make quick and big money.

Crypto casinos continue to work and win. Before the end of the year, we may see a new episode of ups and downs in the sector, and it looks like a new Bitcoin price high will cause an explosive demand for digital assets.

The FxPro Analyst Team

Comments (2)

EUR/USD: Test of Feb. 1 Close Likely By Al Brooks - Mar 30, 2023 1

The EUR/USD is trying to break out above the March high and test the Feb. 1 close. Currently, the market is Always Long and probably going higher. There are probably sellers not...

Is Bitcoin’s Price Action Telling Us Something? By Tim Knight - Mar 30, 2023

I’m just about ready to call it a day, but I wanted to mention before shutting down that Bitcoin appears to be pushing above its Fibonacci. In other words, it might be reaching...

Crypto Markets Cool Down as the Fed Sticks to Its Plan By Ulrik Lykke - Mar 29, 2023

In wake of the latest events we have witnessed in the banking sector with several actors facing liquidity crunches as a result of rapid and large customer redemptions, financial...

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Ihouma Kenneth Oct 29, 2021 12:56PM ET

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Aung Khant Oct 29, 2021 4:21AM ET

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The Crypto Market Isn't Overcrowded, Yet

Ethereum

SHIBA INU and Dogecoin Skyrocket

Conclusion

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