The ongoing Bitcoin rally has been the biggest contributor to the expanding crypto market size, with most indicators turning bullish.
Bitcoin’s surge to $68,000 has been a bullish indicator for the crypto market this week. The crypto market size has increased, with the overall market cap consolidating above $2 trillion. Bitcoin claims most of the dominance in the crypto market, but other tokens have also risen in the last 24 hours. Meanwhile, if the Bitcoin rally continues, the market could be set to end the month with double-digit returns.
Ethereum has remained firm above $2,600, while those like SOL and AVAX have also been in the green. DOGE has gone up by more than 10% since October 17, while SHIB has also posted around 3% gains. Seven-day returns of most tokens are in the green, with BTC and ETH up by 12% and 9%, respectively.
The next resistance zone for BTC has formed just around $68,000. If BTC holds its current price level and stages a price breakout, an uptrend to $70,000 is also possible. It is trading far above its 20-day moving average. Moreover, inflows into the spot Bitcoin ETFs have posted continuous days of inflows this week.
Amidst the Bitcoin rally, speculation is rife about ‘Uptober,’ a term for an upward trend for Bitcoin in October. Until October 18, this trend seems to be playing out as per expectations.
BTC/USD 1D price chart
Bitcoin is currently trading at around $68,000 on October 18, 2024, with BTC/USD trading higher by a margin of around 1% in the last 24 hours. Bitcoin’s market cap was trading at around $1.3 trillion in the last 24 hours.
BTC/USD is higher than its 20-day EMA (around 63,000), as BTC’s 24-hour volume was at approximately $35 billion. The global crypto market cap increased by around 0.5%, trading above $2.3 trillion. BTC’s year-to-date returns are above 61%.
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