September 23, 2023 6:01 pm

Altcoins Outperform as Bitcoin Stabilizes

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp
Telegram

URGENT: JUST 11 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, TO ENSURE WE ARE FULLY FUNDED FOR NEXT MONTH,SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS - Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Altcoins Outperform as Bitcoin Stabilizes

By Damanick Dantes

Bitcoin’s price is starting to stabilize after a near-4% drop over the past week. The cryptocurrency was trading around $57,000 at press time and could go higher, initially toward $60,000-$63,000, according to technical indicators.

Analysts expect trading volumes to decline this week given the U.S. Thanksgiving holiday on Thursday. “The last three years we’ve had downward volatility every time around this holiday; could be due to end of month rotations, options/futures expiries and rebalancing,” CryptoQuant wrote in a blog post.

Bitcoin is up about 3% over the past 24 hours, compared with an 8% rise in ether. Alternative cryptocurrencies are gaining ground relative to bitcoin, suggesting that traders are taking on more risk as the recent sell-off stabilizes.

Latest prices

  • Bitcoin (BTC): $57,854, +3.83%
  • Ether (ETH): $4,382, +8.32%
  • S&P 500: $4,690, +0.17%
  • Gold: $1,791, -0.99%
  • 10-year Treasury yield closed at 1.68%

Increased market fear

The bitcoin Fear & Greed index is at the lowest level since late September, which preceded a BTC price recovery. The index suggests market participants are in “fear” mode, which some analysts view as a contrarian signal as buyers gradually return to the market.

“Typically in bull markets, the index indicates ‘greed’ or ‘extreme greed’ for more extended periods with short periodical visits to the ‘fear’ area, just like we saw this spring,” Arcane Research wrote in a Tuesday report.

Bitcoin Fear & Greed Index

Bitcoin versus the dollar

On the flip side, a rising U.S. dollar could be a headwind for bitcoin. The U.S. dollar has strengthened over the past few weeks as investors anticipate tighter monetary policy.

“We’ve seen a considerable run-up in the dollar alongside Fed funds rate futures, which now imply 100% chance of two rate hikes by end of 2022 and a nearly 40% chance of a third rate hike by next December,” Delphi Digital, a crypto research firm, wrote in a report Tuesday.

The chart below shows the recent rise in the dollar (inverted scale), which could signal further downside in bitcoin’s price. Generally, tighter monetary policy is negative for risk assets including stocks and cryptocurrencies.

Bitcoin vs. dollar

Altcoin roundup

  • Crypto options traders turn to DeFi for altcoin bets: The Singapore-based firm QCP Capital now trades more than $1 billion of crypto options per month using decentralized financial applications, including $1 million worth of AAVE options recently with Ribbon Finance, CoinDesk’s Omkar Godbole reported.
  • Binance rebuilding DOGE wallet to deal with user account freeze: Users previously told CoinDesk their accounts were frozen by the exchange until they returned the DOGE, which was incorrectly transferred, back to the exchange. The incident led to Elon Musk starting a Twitter war with the exchange.
  • NFT marketplace Rarible launches messaging feature: The non-fungible token (NFT) marketplace Rarible.com has launched a direct messaging function that allows users and creators to communicate using crypto wallet addresses rather than social network usernames, CoinDesk’s Brandy Betz reported.

Other markets

Most digital assets in the CoinDesk 20 ended the day higher.

Notable winners as of 21:00 UTC (4:00 p.m. ET):

  • Polygon (MATIC): +12.03%
  • The Graph (GRT): +6.73%
  • Uniswap (UNI): +6.09%

Notable losers:

  • Stellar (XLM): -0.29%
  • Cardano (ADA): -0.23%
  • Filecoin (FIL): -0.15%

    Start investing In cryptocurrency with Bitxchange. If you’re new to the world of crypto, and figuring out how to buy cryptocurrencies, then cryptocurrency exchanges like Bitxchange help you to easily buy and sell crypto.

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Related News

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Australian National Review is Australia’s first real free and independent press, one with no editorial control by the elite, but a publication that can generate critical thinkers and critical debate and hold those spreading mistruths and deliberate propaganda in mainstream media to account.

News with a difference that will be educational, compelling and create a platform for political and social change in this country and address the real issues facing this country and the world.

Watch Full Documentary

URGENT: JUST 3 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED TO LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS

Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Get access to TruthMed- how to save your family and friends that have been vaxx with vaccine detox, & how the Unvaxxed can prevent spike protein infection from the jabbed.

Free with ANR Subscription from $8

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY