Crypto market remains highly volatile while Bitcoin crosses $28,700 mark

Crypto market overview: In the last 24 hours, BTC has shown around a 1.8 per cent increase in its price while almost all other leading cryptocurrencies have registered losses with ETH losing 1.03 per cent. 

Notably, following the misleading tweet incident, the crypto market has become quite volatile. Altcoins are displaying a mixed performance, and tokens like UNI and SUI have experienced a substantial drop of over 5 per cent.

Amid this, the Crypto Fear and Greed Index has fallen back again to 50 points, indicating the bearish sentiment in the altcoin market. 

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Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, while talking to Republic said, “Almost all altcoins are in the red today, including ETH while BTC registers minor gain. This translated into Bitcoin’s dominance increasing significantly to 52 per cent, reaching its 18-month high. Bitcoin has historically shown to increase its dominance as its halving event approaches. It seems as if history is repeating itself yet again, irrespective of how much investors claim that it is different this time.”

Rajagopal Menon, VP, WazirX, also shared the same opinion on Bitcoin’s resilience. Menon said, “Bitcoin (BTC) demonstrated strength within the crypto market as it surged from a temporary dip to $28,100, eventually settling near $28,500 within 24 hours. This recovery highlights Bitcoin's resilience. Market attention is directed toward the potential approval of the first US spot Bitcoin ETFs, with analysts suggesting this approval could occur by January. This surge interrupted a period of low volatility and has played a significant role in the key rallies experienced in 2023.”

Bitcoin’s next resistance level at $28,600

While talking to Republic, CoinDCX Research Team talked about Bitcoin’s next resistance. CoinDCX said, “BTC has successfully reclaimed the 200-day Simple Moving Average (SMA) and is currently holding above it. However, for BTC to continue its upward momentum, it needs to clear and sustain the crucial resistance level at $28,600. On the other hand, ETH is displaying signs of weakness, and it's crucial for ETH to maintain its position above the major support level at $1,530, as a drop below this price could lead to further declines.”

Sudeep Saxena, Co-Founder, Coin Gabbar said, “Bitcoin managed to maintain support near the $28,300 level, achieving a notable milestone by trading above $28,000 for two consecutive days for the first time since August. This surge in demand for BTC from corporate entities can be attributed to the approval of ETH Futures ETFs in late September.”

Shivam Thakral, CEO, BuyUcoin, “In a rare move, BTC gained against the larger trend across the crypto market. ETH and other altcoins slipped in red while BTC outperformed the majority of digital assets in the last 24 hours and BTC dominance surged to 51 per cent which is the highest in the current bear market. The impact of the Israel-Hamas conflict is still looming over the financial markets and traders should brace for tough times ahead.”

In another altcoin news, the famous layer-1 blockchain, Fantom is in the news for its exploit. Two Fantom Foundation wallets seem to have experienced a breach due to the exploit of the MultiChain bridge. The resultant loss is said to have been around $650k.