Bitcoin Holds Strong Above $57K as Ethereum Plunges

On Tuesday, Bitcoin extended its rally to $57,135.90, while Ethereum lost momentum and plunged. It also caused most of the altcoins to trade red. 

The world’s first decentralized cryptocurrency boosted 1.11% with a 24-hour change of $518.18.

Currently, it has a market capitalization of $1.08 trillion. In addition, it holds a 24-hour volume of $1.24 billion with a $55,915.15 low and a $57,819.12 high. 

In early trading, the price began at $57,480.60 and remained well supported above the $55,000 pivot level. 

Then, it cleared above the $56,000.00 resistance zone and settled above the 100 hourly simple moving average.

Subsequently, Bitcoin even broke the $57,000.00 level and traded up to a $57,837.00 high. 

As of writing, the virtual currency is correcting lower and trading below $57,500.00

Then, there is a break below the 23.60% Fibonacci retracement level of the upward move from the $54,396.00 low to $57,837.00 high. 

Then, the downside initial support nears the $56,200.00 level. Meanwhile, the bulls face resistance on the upside as it sits on the $57,000.00 level.

Moreover, the first key resistance is at the $57,500.00 level, where a break would result in a decent hike. 

Then, the major resistance posts at $58,500.00, possible gains would set a run towards the $59,200.00 level.

Consequently, the strong rally of Bitcoin this week strengthened the market sentiment, taking its total gains for October to 32.00%.

Furthermore, analysts were bullish as they anticipated the digital coin to touch the $100,000.00 price level at the end of the year.

Meanwhile, the US Senate pushed the temporary increase of the national debt limit, strengthening the positive sentiment of Bitcoin. 

Ethereum Drops on the Hike of Bitcoin

Conversely, Ethereum plunged as other cryptocurrencies fell.

The ETH tumbled 4.56% to $3,424.12, with a market capitalization of $401.93 billion and a 24-hour volume of $689.67 billion. 

Then, XRP sharply plummeted 8.25% to $1.08. It stands with a market capitalization of $107.52 billion and a 24-hour volume of $4.75 billion.

At the same time, Cardano shed 6.43% to $2.08 with a market capitalization of $67.48 billion and a 24-hour volume of $220.56 million. 

Similarly, the Polkadot fell 9.46% to $32.51 with a market capitalization of $35.75 billion and a 24-hour volume of $1.35 billion. 

Correspondingly, Solana dropped 5.95% to $143.43. It has a market capitalization of $42.99 billion and a 24-hour volume of $1.94 billion. 

Likewise, Bitcoin Cash plunged 0.90% to $573.32. It stands with a market capitalization of $10.82 billion and a 24-hour volume of $32.76 million.