LAHORE: The cryptocurrency market bounced back on Monday, with the market capitalization gaining 3.1 percent to reach $2.71 trillion as of 1230 hours GMT.
Bitcoin, the largest cryptocurrency that had been facing correction since touching the $66,976 mark on Wednesday last – the highest ever level – reversed its losing streak.
Bitcoin gained 4.59 percent to reach $62,899. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 1.184 trillion.
Likewise, ether (ETH) price gained 2.68 percent to reach $4,131. With this increase in price, the market capitalisation of ETH has reached $484.9 billion.
On the other hand, XRP price gained 1.06 percent to reach $1.09. The market capitalisation of XRP stands at $108.8 billion after this increase.
Likewise, cardano (ADA) price gained 1.16 percent to reach $2.14. Its market capitalisation has reached $69.4 billion with this increase.
Similarly, dogecoin (Doge) price went up by 3.61 percent to reach $0.265. With this increase in price, the market capitalisation of doge has reached $34.7 billion.
According to experts, bitcoin price dropped 11 percent over two days starting October 22 as it retested the $60,000 psychological level. Now buyers seem to have stepped in and if BTC manages to produce a daily close above the October 21 open at $66,027, it will suggest a continuation of the uptrend. Failing to do so, however, will result in consolidation above $60,000.
In case, bitcoin price shatters the said psychological level, investors can expect it to head toward the liquidity zone, ranging from $52,956 to $56,004. A dip into this area will rid the bitcoin market of short-term sellers as they exit the market booking profits.
This will then allow the long-term rally to continue. In this situation, bitcoin price will likely make a run at the $65,000 resistance barrier, a clearance of which will kick-start a run-up to new highs. On the other hand, if bitcoin price breaches the $52,956 support floor, it will head toward the $50,000 psychological level, which may provide a level from which the uptrend could start again.