Crypto traders concentrate on altcoins as Bitcoin consolidates


While Bitcoin continues to stabilize around the $20,000 level, market participants are shifting their attention to XRP, UNI, QNT, and EGLD instead.

In the wake of the publication of the nonfarm payroll statistics for September on October 7, the equity markets in the United States saw a dramatic decline; yet, they were still able to post small weekly gains.

The S&P 500 index advanced by 1.5%, while the Nasdaq Composite advanced by 0.7% during the last week. During this time, the price of Bitcoin is set to complete the week with modest gains of around 2%.

Bitcoin has been able to escape a crash over the last several days, despite the fact that the equity markets in the United States have been taking a beating. This is the first sign that the selling pressure may be decreasing, and traders may not be prepared to leave with their holdings at lower prices, according to the first hint of this trend.

Bitcoin, on the other hand, will require some assistance from the return of the risk-on mentality in order for its recovery to be sustainable. Up until then, price movement is expected to remain volatile and range-bound, with some alternative cryptocurrencies providing possibilities for trading.

Also Read: OpenSea’s CFO joins the exodus of crypto executives and leaves his job

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