Crypto Price Today: Bitcoin below $35,000; Ethereum holds $1,900; Altcoins rally up to 6%

Ethereum was modestly up and hovering around the $1,900 level, while Bitcoin was trading in the negative as the largest cryptocurrency dipped slightly lower, less than 0.5 percent, below 35,000 levels.

Following the Fed’s dovish comments, Bitcoin and other cryptocurrency tokens maintained their bullish momentum on Thursday, as the oldest cryptocurrency asset reached a 17-month high. Following the one-year anniversary of Sam Bankman-Fried’s cryptocurrency empire, FTX exchange, cryptocurrency tokens saw significant gains.

With the largest cryptocurrency token moving slightly lower—less than 0.5 percent—but staying below the 35,000 levels, Bitcoin was trading in the red. But Ethereum, its biggest rival, was also seen in green, moving little higher and staying close to the $1,900 mark. The majority of altcoins were seeing respectable gains in trade.

For the past day, the price of bitcoin has only moved by less than 2% in a relatively small range. It has been nearly two weeks at this point. Even while this indicates that global Bitcoin volume has begun to somewhat decline, any change in price should indicate that global volume has resumed.

The ETH/BTC pair appears to have found some support at the 0.05 BTC per ETH mark, despite the fact that BTC has been climbing for a few weeks. Other well-known altcoins have also benefited from the slight recovery in terms of showing some upward momentum in price movement.

However, over the past day, the price of altcoin BLUR (+18.1%) has moved in the right direction. This may be due to investor speculation that it is the largest NFT marketplace in the world based on trade volume, particularly in light of Opensea’s recent 50% staff layoffs.

Tuesday saw a strong increase in the price of all major cryptocurrency tokens, with very few exceptions. Toncoin increased by more than 5%, while Chainlink had a 6% increase. Cardano and BNB gained more than three percent apiece, while Dogecoin and Polygon increased by four percent each. Tron saw a 1% decline among the lagging parties.

The market capitalization of all cryptocurrencies worldwide was trading slightly higher, reaching the $1.33 trillion level after increasing slightly over the previous day. To $40.46 billion, the total trading volumes did, however, rise by more than 6%.

Over the past day, altcoins had a 5–10% increase, while BTC and ETH were stable. Alongside this, the dominance of BTC decreased. While Ethereum still needs to overcome a big barrier level at about $2,000, Bitcoin is currently positioned between important support at $34,000 and resistance at $36,000.

With the exception of Bitcoin and Ethereum, the market capitalization of altcoins approached $400 billion, which is encouraging for the cryptocurrency industry. It’s important to remember that Fed Chair Powell will give a speech tomorrow, November 8, 2023, which can cause some market volatility.