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    Home » Market Updates » Bitcoin Pushed to $10,700 as Larger Altcoins Remain Stable (Thursday Market Watch)

    Bitcoin Pushed to $10,700 as Larger Altcoins Remain Stable (Thursday Market Watch)

    Author: Jordan Lyanchev

    Last Updated Oct 8, 2020 @ 06:32

    Although most of the cryptocurrency market has remained calm in the past 24 hours, BTC has registered a slight increase after gains on Wall Street.

    Bitcoin has charted minor gains in the past 24 hours by following Wall Street once again. Most large-cap altcoins have remained calm with Ethereum hovering around $340 and Ripple trading at $0.245.

    Bitcoin Steadily Follows US Stocks

    The primary cryptocurrency headed south yesterday and dipped to $10,525. Although Bitcoin started recovering rather rapidly, it dropped to $10,550 once more. However, BTC bulls interfered and the asset has been slowly increasing in value since then.

    After the dip, Bitcoin gained traction and registered a daily high of $10,680 (on Binance). The asset lost some steam in the next few hours and currently trades around $10,630.

    BTC needs to overcome the first resistance decisively at $10,660 (0.5 Fibonacci level) to continue upwards. If it does, the next obstacle will lie at $10,730.

    Contrary, Bitcoin can rely on $10,540 and $10,400 as support in case of a price breakdown.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Bitcoin’s minor 24-hour increase corresponded with the price developments on Wall Street once again. The S&P 500 ended Wednesday’s trading session with a 1.7% gain, while the Nasdaq Composite and the Dow Jones Industrial Average went up by about 1.9%.

    Larger-cap Altcoins Stand Still

    Most of the larger-cap alternative coins have followed Bitcoin’s example with a lack of severe volatility. Ethereum and Ripple have decreased by less than 0.5%. As such, ETH still hovers at around $340, while XRP is at $0.245

    Bitcoin Cash (2.5%) has gained the most from the top 10 and BCH has increased to $225.

    Litecoin and Crypto.com Coin have jumped by less than 1%, while Chainlink and Polkadot have decreased by the same percentage.

    Cryptocurrency Market Overview. Source: quantifycrypto
    Cryptocurrency Market Overview. Source: quantifycrypto

    The situation within the lower and mid-cap altcoins is rather different with more volatility. Ocean Protocol is the most impressive gainer in the past 24 hours. OCEAN has pumped by 24% and trades above $0.31.

    Ren follows with a 19% increase. Elrond (11%), Status (10%), VeChain (9%), Blockstack (9%), and Arweave (8%) are next.

    Several coins are deep in the red as well. Hyperion has plummeted by 70%, Yearn.Finance by 11.5%. UMA (-5%), Band Protocol (-3%), and Storj (-3%) follow.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    Read more on: Bitcoin (BTC) Price Ethereum (ETH) Price Ripple (XRP) Price Wall Street

    About The Author

    Jordan Lyanchev View more posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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