Bitcoin, ETH trade in narrow range, Altcoins gain

Crypto market overview: In the last 24 hours, both BTC and ETH remained steady, while altcoins saw a rise of 5-10 per cent. This was accompanied by a decline in BTC dominance. BTC is currently positioned between important support at $34,000 and resistance at $36,000, while ETH still has to clear a significant resistance level of around $2,000.

The crypto fear and greed index registered a six-point decline moving down from 74 points to 68 points. However, the overall market sentiment remains bullish and fund inflow remains steady. 

While talking to Republic, the  CoinDCX Research Team said, “The market capitalisation of altcoins, excluding BTC and ETH, reached nearly $400 billion, marking a positive sign for the crypto space. It's worth noting that tomorrow, November 8, 2023, Fed Chair Powell will deliver a speech, which could potentially introduce some market volatility.”

Sudeep Saxena, Co-Founder, Coin Gabbar, talked about Bitcoin’s possible consolidation. Saxena said, “For nearly two weeks, Bitcoin (BTC) has remained in consolidation beneath the $35,500 mark. This prolonged period of stagnation has been linked by analysts to the lack of any significant ETF-related developments. In response to the Federal Reserve's more cautious stance, investors had been expecting a further decline in the US dollar's value, which, in turn, has helped maintain stability in global currencies.”

Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, shared his views on the BTC’s restricted movement. Hudda said, “While BTC has been rising for a few weeks now, the ETH/BTC pair has seemed to find a little support around the 0.05 BTC per ETH mark. The little bounce back has helped other prominent altcoins as well to show some momentum on the upside price action. If ETH/BTC can sustain above this important psychological mark, we can expect a sustained rally in altcoins, especially DeFi protocols and other infrastructure projects.”

Shivam Thakral, CEO of BuyUcoin, said, “The crypto market remains upbeat as BTC and other digital assets continue to head north. In an interesting move, altcoins like XRP, BNB, ADA, and DOGE have outperformed BTC in the last 24 hours taking the total crypto market cap to $1.32 trillion. The Bank of England has shown intent to regulate systemic stablecoin with mass circulation while FCA will regulate the overall crypto sector. The positive regulatory developments are seen as a major step towards making digital assets mainstream in the long run.

Crypto price prediction

Vikram Subburaj, CEO, Giottus, talked to Republic about the future of the crypto market and gave a hint of how he presumes to market to move in the coming days. Subburaj said, “Bitcoin’s consolidation near $35,000 is indicative of a sharp move ahead (up or down). As traders await this, its dominance has fallen below 53 per cent as key altcoins XRP and Cardano surge 18 per cent this week in a catch-up move.”

“With US job data coming in lower than expected last week, treasury yields have fallen and have given a boost to stock indices and crypto markets this week. Analysts are predicting that the US Fed will not likely increase interest rates again this year given economic conditions. Bitcoin will continue to lock in gains in such a scenario. It needs to hold a $34,200 support level in case of a short-term correction before it can rally further,” Subburaj added. 

Edul Patel, CEO, Mudrex suggests, “Over the last 24 hours, Bitcoin has been trading around the $35,000 threshold as the market looks towards altcoins. Altcoins like Ripple, Cardano, and Solana have displayed more than 18 per cent,18 per cent, and 13 per cent growth, respectively, over the last 7 days. Ripple’s growth was triggered by the company gaining key approvals to operate and offer services in Georgia and Dubai last week. This indicates that the market sentiment is slowly shifting towards the altcoins and could mean the beginning of a potential altcoin season. Bitcoin’s price has now grown by almost 111 per cent over the course of the year.”