As we approach the end of October, the Uptober narrative is starting to manifest itself, and optimistic investors have been proven right for now. Despite ongoing adversities, the cryptocurrency markets are experiencing a resurgence. BTC is hovering around the $30,000 mark, and many cryptocurrencies have seen double-digit gains. So, what is the current status in the markets?
Crypto Currencies: Current Status
Bitcoin (BTC) closed at $29,900, surpassing the previous closing price. The total trading volume of cryptocurrencies is still at around $40 billion, indicating a significant number of cautious investors. The cumulative value of BTC and altcoins has reached $1.15 trillion. However, due to BTC’s dominance, BTCD is reaching its highest level in the past two years, with over 51% dominance.
BTC, which has gained 11% weekly, may witness surprising rallies in altcoins if it does not spring any negative surprises as we approach the Fed meeting on November 1st. Many cryptocurrencies have found opportunities for a sudden recovery while lingering at their all-time lows. This could lead to larger percentage increases for prices at the bottom.
Top Altcoins of the Week
Among the top 100 cryptocurrencies, the biggest gainer was BSV Coin. Its price increased by 63% weekly and surpassed $55. As we mentioned earlier, closing above $55 could pave the way for a target of $86.
SOL Coin has once again surpassed the $27 resistance and gained 35% weekly. If SOL Coin can turn the $27 resistance into support, it could reach $40. BTC’s weekly closing will be crucial at this point.
Chainlink (LINK) was the third top-performing cryptocurrency. LINK Coin, one of the winners of the weekend, is heading towards $9.6. The price has increased by 30% in the past 7 days, and we have mentioned several times that closing above $10.6 could target $18.
Despite this favorable week, there are still some cryptocurrencies showing negative performance. FXS, KLAY, CFX, and RPL Coin experienced an average loss of 5% this week. The coming hours are extremely critical, and with BTC rising alongside gold, higher peaks can be reached with closings above $30,650.
