Bitcoin (BTC) broke the $35,000 resistance level early morning on Nov. 5 and has maintained its value above that level in the ensuing hours, pointing to positive market sentiment despite the weekend lull.
The flagship crypto is currently trading at $35,155, with bears failing to force a retracement for now, according to CryptoSlate data.
Bitcoin had retraced some of the gains made last week in anticipation of the U.S. labor report, which showed that both bond yields and the labor market had started to cool off. However, it did not have a significant impact on Bitcoin during the week.
Bulls struggled to push past the $34,000 to $35,000 channel with only minor breakouts over the week. The flagship crypto has been sitting comfortably above the previous week’s resistance level for more than 12 hours now, with signs of consolidation.
The rally is likely a delayed effect of positive news about Bitcoin, specifically related to BlackRock’s spot exchange-traded fund (ETF). The market is eagerly awaiting the regulatory greenlight for multiple Bitcoin ETF applications submitted by some of the largest asset managers in the world.
Experts predict that these ETFs will lay the foundation for institutional money to pour into crypto due to their fully regulated nature. Valkyrie Chief Investment Officer (CIO) Steven McClurg recently said in an interview that the SEC is expected to approve the ETF within November.
Altcoins began to rally last week when Bitcoin prices retraced as investors turned to other opportunities. Most of the top 100 tokens posted significant gains over the week.
According to crypto analysis firm Santiment, altcoins are making up for lost time as profits from Bitcoin’s surge are moving into other large and mid-cap projects. The firm highlighted that multiple mid-cap tokens are up more than 100% weekly.
NEO has been one of the best-performing crypto over the past 24 hours and the past seven days, posting blistering gains of 32.04% and 59.3%, respectively. The token is up more than 100% on a 30-day basis. The momentum from the initial market rally was sustained by further positive news about the ecosystem working on an Ethereum-compatible sidechain.
EGLD has performed on par with NEO. The token is up 36.41% over the past 24 hours and 58.34% over the past seven days. IMX and ILV also surged over the weekend but posted more subdued gains of 18.25% and 17.54%, respectively, over the past 24 hours.
PancakeSwap’s native token CAKE is also up significantly over the past month, with an 83.54% surge — 77.68% of which occurred over the past week. The token has performed well since and is up 16.67% over the last 24 hours.
At the time of press, the global cryptocurrency market is valued at at $1.31 trillion with a 24-hour volume of $32.72 billion. Bitcoin dominance is currently at 52.02%. Learn more