BTC Surpasses $35K: Market Shows Positive Momentum Despite Weekend Slowdown

BTC Surpasses $35K

In a surprising turn of events, Bitcoin (BTC) managed to break through the $35,000 resistance barrier during the early hours of November 5. Despite a relatively quiet weekend, the flagship cryptocurrency is now trading at $35,155, reflecting a bullish sentiment in the market as bears have been unable to push for a retracement.

Steady Performance Despite U.S. Labor Report

The market witnessed a minor retracement in Bitcoin’s value earlier in the week, mainly in anticipation of the U.S. labor report, which signaled a cooling off of both bond yields and the labor market. However, this development did not significantly impact Bitcoin’s performance during the week.

Bulls Push for $34,000 to $35,000 Range

Bulls faced some challenges trying to surpass the $34,000 to $35,000 trading range, with only minor breakouts occurring over the week. Bitcoin has now comfortably held above the previous week’s resistance level for over 12 hours, indicating signs of consolidation.

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Anticipated ETF Approval Drives Market Sentiment

The current rally in Bitcoin’s price is likely a delayed response to favorable news concerning Bitcoin, particularly the potential approval of BlackRock’s spot exchange-traded fund (ETF). Market participants are eagerly awaiting regulatory approval for several Bitcoin ETF applications submitted by major asset management firms. Experts anticipate that these ETFs, being fully regulated, will pave the way for institutional investments in the cryptocurrency space. Valkyrie Chief Investment Officer (CIO) Steven McClurg recently stated that the SEC is expected to grant approval for the ETF within the month of November.

Altcoins Gain Momentum

Altcoins have been gaining momentum as Bitcoin’s price retraced last week, attracting investors seeking alternative opportunities. A significant number of the top 100 tokens have experienced substantial gains over the past week.

NEO Leads the Altcoin Rally

Notably, NEO has emerged as one of the top performers in the crypto market, recording impressive gains of 32.04% in the past 24 hours and 59.3% over the past week. Over a 30-day period, NEO has soared by more than 100%. This surge was further fueled by positive news about an Ethereum-compatible sidechain being developed within the NEO ecosystem.

Read Also: Top 10 Altcoins To Invest in 2023

Metaverse and Gaming Tokens Surge

Additionally, various tokens associated with the metaverse and gaming industries have experienced significant spikes over the past 24 hours. This includes MultiversX (EGLD), Immutable X (IMX), and Illuvium (ILV).

Strong Performances Across the Board

EGLD’s performance has been on par with NEO, with a 36.41% increase in the past 24 hours and a 58.34% rise over the past week. IMX and ILV also saw gains over the weekend, although they were more moderate, standing at 18.25% and 17.54% respectively over the past 24 hours.

PancakeSwap’s CAKE Token Soars

PancakeSwap’s native token, CAKE, has also demonstrated substantial growth over the last month, surging by 83.54%, with 77.68% of that increase occurring over the past week. The token’s strong performance has continued, as it is up by 16.67% over the last 24 hours.

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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