Ether, most top 10 cryptos rise as Bitcoin leads gains in market recovery
Bitcoin rose in afternoon trading in Asia, leading the gainers in the top 10 cryptocurrencies, fueling a wider market recovery as it returned to the US$26,000 support level. Despite the uptick, market experts warn of another potential drop to US$25,000.
See related article: Weekly Market Wrap: Grayscale’s favorable court verdict, ETF hype fail to lift Bitcoin above US$28,000
Bitcoin, Solana leads winners in top 10
Bitcoin was the day’s biggest gainer in the top 10 cryptocurrencies, rising 1.86% in the 24 hours leading up to 4:30 p.m. in Hong Kong, to US$26,208, regaining the US$26,000 support level for the first time since Monday. Despite the bullish momentum, market analysts are warning of another potential drop to US$25,000.
“Bitcoin has been wandering on a steady sideways move since the beginning of September. The lack of liquidity in the market leaves it with no volatility,” Aziz Kenjaev, financial analyst and director of business development at cross-chain liquidity protocol Entangle, told Forkast.
“In the current scenario, Bitcoin must close [the week] above US$26,000 to continue bullish, and closing below US$25,100 might signal another drop, towards US$23,750,” added Kenjaev, referencing the below chart.
Ether remained flat during afternoon trading in Asia at US$1,644, despite Cathie Wood’s Ark Invest filing for a spot Ether ETF in the U.S.
Solana’s SOL token was the day’s second-biggest gainer, rising 1.46% in the past 24 hours to US$19.78, but still remaining near its two-month low.
The total crypto market capitalization over the past 24 hours rose 1.08% to US$1.05 trillion while market volume decreased 0.94% to US$26.07 billion, according to CoinMarketCap data.
Solana becomes second-largest network by 24-hour NFT sales volume
The Forkast 500 NFT index fell 0.28% to 2,138.62 points in the 24 hours to 4:30 p.m. in Hong Kong and fell 2.50% during the week.
Solana became the second-largest blockchain network by 24-hour NFT sales volume, rising 9.37% to US$1.17 million, boosted by a 90% surge in the Taiyo Pilots collection that generated US$74,533 in sales for the network.
Mirroring the sales surge, The Forkast SOL NFT Composite rose 0.7% to 643.56 points.
Ethereum’s 24-hour NFT sales rose 9.14% to US$6.5 million, as sales for the Bored Ape Yacht Club increased 40.83% to US$1.25 million, making it the largest NFT collection across all blockchains by 24-hour sales volume.
Over on Polygon, 24-hour sales for the DraftKings collection slumped 61.92% to US$529,173, as Polygon fell to become the fifth-largest blockchain by daily NFT sales volume.
Updates with NFTs
