Bitcoin eyes third weekly close above $60K as Ethereum fuels new altcoin market cap record

The bitcoin price continues to surge past $6,000 and is looking for its third consecutive week in a row above the $60K mark. As of writing, it’s down 0.9% at $5983 according to CoinMarketCap.

The “altcoin cycle 2021” is the term used to describe how new cryptocurrencies enter the market, and then exit. The cycle has been going on for a while now, and it’s expected that we’ll see a new record in altcoin market cap soon.

After “aggressive” purchasing on Coinbase spurred multi-day highs, Bitcoin (BTC) maintained $61,000 throughout the weekend.

1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.

BTC purchasers on Coinbase are stepping up their game.

BTC/USD fell below $63,000 overnight, according to data from Cointelegraph Markets Pro and TradingView.

After the conventional markets in the United States opened on Friday, Bitcoin experienced a good performance, bringing it closer to its minimum monthly closing objective.

Coinbase, a prominent exchange, was the site of considerable accumulation on the day, according to observers.

On Coinbase, there is some aggressive BTC purchasing going on right now.

October 29, 2021 — Will Clemente (@WClementeIII)

Meanwhile, popular trader and analyst Pentoshi reported selling elsewhere, particularly from one whale whose BTC divesting has already reached over 1,000 BTC, each sold in batches of 20-30 BTC on the open market.

He said, “Just goes to demonstrate how liquid this market is today.”

Market players will be watching the weekly and monthly closes on Sunday, with the latter potentially reaching an all-time high. BTC/USD may potentially close over $60,000 for the third week in a row.

The market capitalization of altcoins has reached new highs.

As the weekend started, though, it was all about cryptocurrencies for many.

Dogecoin, Shiba Inus, and memes are helping to bring the dogsled to widespread popularity.

On Friday, Ethereum’s Ether (ETH) achieved new all-time highs, helping the whole altcoin market value reach new all-time highs of $1.473 trillion.

1635586868_795_Bitcoin-eyes-third-weekly-close-above-60K-as-Ethereum-fuels1 week candle chart of altcoin market capitalization. TradingView is the source of this information.

Strong performance was seen elsewhere, with Shiba Inu (SHIB) settling following a week of explosive increases.

The “ethereum options may 2021” is a cryptocurrency that has seen its market cap increase by over $1 billion in the past week. The crypto hit a new record this week, as Bitcoin’s price continues to rise.

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