by Coinstrooper Crypto Articles
Quick Take
  • The crypto market is up today, with the cryptocurrency market capitalization increasing 1.3% to $4.01 trillion.
  • Most of the top 100 coins have appreciated over the past 24 hours.
  • At the same time, the total crypto trading volume is at $173 billion.
  • At the time of writing, all top 10 coins per market capitalization have increased over the past 24 hours.

What Happened

On the upside, investors are looking towards $116,150 and $117,850, after which the price could move toward $120,000. Conversely, should it drop below the support of $113,000 and $112,600, BTC could land at $110,350 and $108,700.

Investors are now looking to see if the price will move above $4,500, which would open doors for higher prices and ATHs, or if it will fall towards $3,800.

Market Context

The crypto market is up today, with the cryptocurrency market capitalization increasing 1.3% to $4.01 trillion. Most of the top 100 coins have appreciated over the past 24 hours. At the same time, the total crypto trading volume is at $173 billion.

At the time of writing, all top 10 coins per market capitalization have increased over the past 24 hours.

Bitcoin (BTC) rose 2.1%, currently trading at $113,992. It’s the second-best performer in the category.

While Binance Coin (BNB) rose 1.4% to the price of $1,022, other coins on the list recorded increases below 1%.

Meanwhile, cooling funding rates signal a possibility for a more sustainable growth in ‘uptober’.

James Check, Checkonchain co-founder and Bitcoin analyst, argued that BTC reaching $240,000 or $300,000 is not impossible now that the coin is trading above $100,000.

Moreover, the broader market structure shows fading momentum, “with price action suggesting consolidation rather than continuation in the immediate term.”

Additionally, the structure of inflows is another defining feature of the current cycle, the analysts argue. Earlier cycles often played out in a single prolonged wave of capital, but this cycle has “unfolded in three distinct multi-month surges,” each seeing heavy profit-taking.

They concluded that, “having just stepped back from the third such extreme, probabilities now tilt towards a cooling phase as the market digests realised gains.”

Ethereum is currently trading at $4,191. It saw a lot choppier trading day than BTC: it fell to the low of $4,089, jumped to $4,202, decreased to $4,135, and appreciated to the intraday high of $4,230, before slightly correcting to the current price.

Why It Matters

Also, onchain data from Checkonchain and Unchained suggested that BTC is not even near its peak and has yet to “enter the euphoric right tail in the current cycle.”

More than 90% of coins moved were transacted in profit at every cyclical peak. This is a clear signal of widespread distribution, per the analysts.

Details

Crypto Winners & Losers

Ethereum (ETH) is up 2.4%, now changing hands at $4,191. This is the highest gainer today.

When it comes to the top 100 coins, 3 coins noted double-digit drops: Plasma (XPL), Provenance Blockchain (HASH), and Story (IP). They’re down 15.6% to $1.12, 11.7% to $0.0343, and 11.6% to $8.6, respectively.

On the other side, Figure Heloc (FIGR_HELOC) appreciated the most: 6.7% to $1.05. It’s followed by MemeCore (M)’s 3%, changing hands at $2.37.

‘Consolidation Rather Than Continuation’

According to Bitfinex analysts, “BTC has entered a corrective phase following its [US] FOMC-driven rally, displaying classic ‘buy the rumour, sell the news’ dynamics.”

Levels & Events to Watch Next

At the time of writing on Tuesday morning, BTC trades at $113,992. There was a notable surge earlier in the day from the low of $111,808 to the intraday high of $114,762. This is also the coin’s intraweek high.

The coin is now green across the 24-hour, 7-day, 1-month, and 1-year time frames. It’s up 0.6% in a week and 4.7% in a month.

Unlike BTC, ETH is red in the 7-day and 1-month time frames: 0.7% and 5.8%, respectively.