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Kavya Barua
Oct 30, 2021
by Kavya Barua

As Ethereum Sets a New Altcoin Market Value Record, Bitcoin is Aiming for its Third Weekly Closing Above $60k

Bitcoin Ethereum altcoin
As Bitcoin consolidates slightly below its "worst-case scenario" monthly closure target, Ethereum reaches all-time highs, giving altcoin its day in the limelight.

After "aggressive" buying on Coinbase prompted multi-day highs, Bitcoin (BTC) held $61,000 throughout the weekend.

Buyers of Coinbase Bitcoin Step up

According to TradingView data, BTC/USD has cooled overnight after briefly approaching $63,000.

Friday witnessed significant performance when traditional markets in the United States opened, assisting Bitcoin in approaching its minimum monthly closure objective.

According to observers, the big exchange Coinbase was the site of substantial accumulation on the day.

"Some aggressive BTC buying on Coinbase right now."

The weekly and monthly closes on Sunday will be of interest to market players, with the latter potentially reaching an all-time high. 

BTC/USD may potentially close above $60,000 for the third week in a row.

The Market Capitalization Of Ethereum & Altcoin Market Has Reached All-Time Highs

As the weekend began, though, it was all about cryptocurrencies for many.

On Friday, Ethereum's Ether (ETH) reached new all-time highs, assisting the whole altcoin market cap to achieve new highs of its own – $1.473 trillion.

Shiba Inu (SHIB) rose on Oct. 28 despite large capital rotations out of the market of its leading meme currency rival, Dogecoin (DOGE).

Notably, DOGE's price increased by slightly more than 44% to hit an intraday high of $0.3449. Its profits contrasted with SHIB's losses during the same time. 

On the other side, the so-called "Dogecoin killer" fell over 28% to an intraday low of roughly $0.000057; DOGE printed its daily high in the same hour.

The rapid price increase also lifted DOGE's market value to more than $40 billion, a feat Shiba Inu had achieved just hours before, with the two cryptocurrencies now neck-and-neck for the ninth position by market cap.

Traders flocked to Dogecoin markets only hours after Elon Musk, CEO of Tesla and SpaceX, tweeted about the parody cryptocurrency.

DOGE increased by more than 1,500% in the first five months of 2021 as a result of Musk's earlier favorable tweets.

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Ethereum Altcoins DOGE Elon Musk all-time highs (ATH) Bitcoin ‘Dogecoin Killer’ Shiba Inu
As Ethereum Sets a New Altcoin Market Value Record, Bitcoin is Aiming for its Third Weekly Closing Above $60k
Kavya Barua
Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

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