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Bitcoin and Ethereum set for third consecutive green day as 'Uptober' gains more momentum

Cryptocurrency Oct 05, 2022 09:11
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© Reuters Bitcoin and Ethereum set for third consecutive green day as 'Uptober' gains more momentum
 
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Cryptocurrencies are poised for their third consecutive green day, albeit not by much, as the so-called ‘Uptober’ seems to be gaining slight momentum.

Bitcoin, the world’s most popular digital asset, was changing hands 0.5% higher at US$20,260 on Wednesday morning.

The leading crypto is looking to hold value above the US$20,000 support level – a point that had not been reached in a week before Tuesday.

Its largest rival by market capitalisation, Ethereum, was slightly outpaced by Bitcoin in its rise, advancing 0.4% to US$1,357.

Bitcoin has been trading within approximately 10% of its current value since mid-September and is trading at a three-week high.

The second largest coin has been flirting in this vicinity for over two weeks as prices seem relatively stagnant compared with recent crypto periods.

Both the world’s two most popular digital assets have plummeted more than 70% in value from their respective all-time highs (ATH) of around US$68,500 and US$4,800 seen in November of last year.

The majority of the ‘top 100’ cryptos followed the lead of their two larger competitors, with 60 of them trading in positive territory on Wednesday morning.

In the ‘top 30’, UNUS SED LEO and Algorand were the standout performers, both gaining 0.7% in value.

Chiliz, which was the only coin in the most popular 100 cryptos that gained more than 1.0%, jumped 2.1% as it broke into the ‘top 40’.

Most notable to buck the green trend was XRP, which declined 1.5% lower, but it remained comfortably in sixth place in terms of market value.

Despite the minor gains in most cases, ongoing bleak financial data from global markets seemed to be largely contributing to the lack of appetite for risk assets, which cryptos certainly are.

Read more on Proactive Investors UK

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Bitcoin and Ethereum set for third consecutive green day as 'Uptober' gains more momentum
 

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Ralph Faerber Oct 05, 2022 10:04
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