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Cryptocurrency market poised for decisive week as BTC and ETH make gains

Published Nov 04, 2023 06:31AM ET
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The forthcoming week is set to be pivotal for the cryptocurrency market, with Bitcoin (BTC) and Ethereum (ETH) showing 24-hour gains, according to a recent analysis by Santiment. This comes after a week in which the S&P 500 index experienced a surge of over 6% within four days, while BTC and ETH remained relatively stable.

As of today, BTC has seen a 1.12% increase, reaching a value of $34,941.48, while ETH has climbed by 2.03% to $1,835.44. Despite BTC hitting its 24-hour high from a daily low of $34,111.97, its market dominance dipped slightly by 0.20%, indicating that altcoins may have performed better.

Currently, BTC represents 52.48% of the total cryptocurrency market cap. Both BTC and ETH have demonstrated positive performance over the past week. The analysis suggests that if cryptocurrencies can disentangle themselves from the influence of the equities market, they could potentially trigger the next bull cycle in the sector.

This week's performance will be crucial in determining whether the cryptocurrency market continues its association with the equities market or begins a separate bull run.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Cryptocurrency market poised for decisive week as BTC and ETH make gains
 

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Favourite Igwe
Favourite Igwe Nov 05, 2023 4:18AM ET
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