Cryptocurrency Market Sees Profit-Taking
Traders in the cryptocurrency market took advantage of a decline in volatility to lock in gains from recent spikes and shift their focus to coins with promising outlooks. The stock market traded mixed as investors scaled back their activity ahead of the release of October’s Consumer Price Index report, which will provide insight into the Federal Reserve’s future interest rate decisions. Last week, comments from Fed officials hinted at a potential for further rate hikes, which dampened investor sentiment that had previously anticipated a rate cut.
Bitcoin Drops After Bulls’ Failed Attempt
Bitcoin bulls attempted to push the price in the early hours of Monday, but were met with strong resistance at $37,450 from bears. The bears then took control and pushed the price down to a low of $36,440 in the afternoon. Despite this, senior technical analyst Jim Wyckoff maintains that the BTC bulls still have the overall near-term advantage, with the daily bar chart showing a firm uptrend. Gunter Lackmann, an analyst at MN Trading, noted that various cryptocurrencies experienced a surge in trading volume, with Bitcoin’s recent upswing attributed to speculation of a Bitcoin spot ETF introduction before November 17th.
Altcoins Trade Mixed
Altcoins in the cryptocurrency market traded with mixed results on Monday. While a majority of tokens in the top 200 recorded losses, several tokens saw double-digit gains. Memecoin (MEME) led the gainers with a 56.9% increase, followed by Worldcoin (WLD) with a 21.5% spike, and Bitget Token (BGB) with a 16.3% gain. Astar (ASTR) was the biggest loser, declining by 14.2%. The overall cryptocurrency market cap now stands at $1.4 trillion, with Bitcoin’s dominance rate at 51%.