Binance Coin (BNB) Soars to 11-Week High, Bitcoin Stopped at $21K (Market Watch)

By akohad Oct31,2022


Bitcoin’s voyage above $21,000 was quickly halted by the bears, and the asset has returned to just under that level.

Most altcoins have calmed following the gains from the end of the working week, with Dogecoin finally retracing slightly today. In contrast, BNB jumped to a multi-month high.

BTC Stopped at $21K

The primary cryptocurrency has been on a roll in the past several days, ever since it skyrocketed from $19,000 to over $20,000 last Tuesday. It even went as high as $21,000 in the following days before it retraced back down to $20,000 after the European Central Bank said it will raise the interest rates once more to a 13-year record.

However, the bulls stepped up once more and pushed BTC north again. As a result, the asset was closing down to $21,000 on Friday. It actually pumped briefly above that level on Saturday, registering a new seven-week high.

However, the low trading volumes on Sunday didn’t allow the cryptocurrency to climb higher, and it lost a few hundred dollars. As of now, the asset has dipped even further south and trades at around $20,500, with some analysts warning that there might be more pain on the horizon.

BTC’s market cap has gone down below $400 billion once more, and its dominance over the alts is still beneath 39%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

BNB Sees New Local Peak

The altcoins went through some notable gains as well, and some have continued to do so. Binance Coin is among today’s top performers, with an impressive 5% increase. As a result, BNB has soared above $320 for the first time since the middle of August. This is perhaps fueled by the return of the Binance launchpool.

Ethereum dipped below $1,600 earlier today but has returned above that level now. Dogecoin also retraced hard at one point, but it’s still the most significant gainer for the past week after the Musk-Twitter deal.

Solana and Polkadot are also well in the green, trading at $34 and $6.8, respectively.

Despite retracing slightly since yesterday, the overall crypto market cap is still well above $1 trillion as of now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.


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By akohad

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