Cryptocurrency Market Analysis
The cryptocurrency market ended the week on a flat note as Bitcoin (BTC) continued to hold near support at $26,000. The price action showed neither bulls nor bears able to take control. Stocks initially traded lower during the morning session but climbed higher in the afternoon, despite comments from Fed Chair Powell about the economy and high prices. Data from the CME Group indicated a 55% chance of a rate hike in November. At the closing bell, the S&P, Dow, and Nasdaq all finished higher.
Bitcoin Price Range
Bitcoin traded within a tight range between $25,750 and $26,300 on Friday, with bulls and bears evenly matched for strength. Kitco senior technical analyst Jim Wyckoff observed a bear flag or pennant pattern on the daily bar chart, with a price downtrend line in place. JPMorgan analysts expressed optimism, stating that the worst of the pullback may be over and see limited downside moving forward. They attributed the recent correction to long position liquidations and legal uncertainty.
A majority of altcoins in the top 200 traded relatively muted on Friday, with most tokens staying within 3% of yesterday’s prices. Nano (XNO) was the biggest gainer with a 17.3% increase, followed by Kadena (KDA) with a 9.5% gain and Flux (FLUX) with a 6.2% increase. Meme coin Pepe (PEPE) experienced the biggest decline with a 15.8% pullback, while TomoChain (TOMO) and Worldcoin (WLD) recorded losses of 11.11% and 11%, respectively.
Market Cap and Bitcoin Dominance
The overall cryptocurrency market cap stands at $1.05 trillion, with Bitcoin’s dominance rate at 48.3%.