Bitcoin recovered from last week’s crash and was up over 2% at the time of writing. Several altcoins have reacted positively as the market sentiment slowly turned bullish.
The Bitcoin Fear Greed Index now stands at a neutral 50 after dipping towards 40, which is in the fear territory.
In today’s crypto wrap, we are looking at some popular altcoins, namely, WIF, WLD, and ZEC, all of which have posted gains over the past 24 hours.
Bitcoin’s recovery over the weekend was accompanied by a slight rise in the overall cryptocurrency market cap, which had gone up from $2.20 trillion recorded on Friday to $2.28 trillion at press time.
The most likely driver that helped spark this recovery was better-than-expected non-farm payroll data released Friday, which helped offset concerns fuelled by tensions in the Middle East.
Before that, Bitcoin had lost the crucial support range at $62,000 and fell close to $60,000, a drop below which could have translated to a further downturn, as speculated by several analysts last week.
Looking at the current price action, some experts suggest that traders are holding off until the November US elections, as many believe a Republican victory, possibly led by presidential candidate Donald Trump, could result in a more favorable Capitol Hill regime for the crypto sector.
Although, on a more bullish note, Standard Chartered’s Geoffrey Kendrick has argued that Bitcoin, and the crypto sector in general, would benefit regardless of who wins the election.
On a shorter timeframe, crypto analyst Justin Bennett informed his over 110,000 X followers that recent short positions at $63K and $64K had been wiped out.
This could signal increased buying pressure as traders rush to cover their losses, potentially setting the stage for a short squeeze that could drive Bitcoin’s price even higher in the near term.
However, Bennett warned that if Bitcoin fails to hold the $62,400 support level, it could slip back to the $59K to $57K area, noting that $64K currently stands as the resistance to watch.
Analyst “Crypto Yapper” also pointed to $64K as a critical resistance level for Bitcoin.
If BTC can successfully break above this, it could pave the way for a rally towards $66,000.
Yet, a rejection at this level might result in a pullback towards $60,500.
Meanwhile, prominent analyst and entrepreneur Michaël van de Poppe expected BTC to retest $62,000 and rally towards $65,000 to $66,000.
While bulls seem to have reclaimed $62k, and the next crucial resistance level at $64k is yet to be beaten, all eyes have turned towards upcoming economic data in the United States, which could offer the push the flagship crypto needs.
Although BTC hit an intraday high of $64,499 it quickly retreated and was trading around $63,800 when writing.
Dogwifhat
Dogwifhat (WIF) rose over 13% over the last day, making it the second-highest gainer among the top 100 cryptocurrencies over the last 24 hours per CoinGecko.
The meme coin has also seen great performance over the past 30 days and was seated at $2.7 at press time, 83% higher than its lowest point within the period.
Source: Coinmarkecap
WIF’s market cap stood at $1.69 billion its two-month high while its daily trading volume jumped 160% and hovered around $1.44 billion.
Moreover, the Solana-based memecoin has seen its future open interest increase from $200 million at the beginning of September to $482 million at press time.
This, accompanied by the rise in price and a jump in trading volume, suggests that the bullish sentiment on the token continues to grow strongly with more participants entering the market.
Analysts believe WIF could achieve a new all-time high if it breaks through the $3 resistance level, which it struggled to surpass in July and September.
Currently, the market is closely following Bitcoin, and any major move from the bellwether crypto could translate to bigger gains for WIF and other meme coins as seen during the past months.
Worldcoin
Worldcoin (WLD) gained 3.2% over the past day, exchanging hands at $2 when writing.
The token’s market cap has risen from $775 million on Oct. 3 to $1.01 billion.
Source: Coinmarketcap
The price action comes after the project announced on Oct. 7 that it is shifting its focus from Europe to Asia in search of markets that are more open to innovative technologies.
Meanwhile, the project has continued its Global expansion efforts, which have been well-received by WLD holders.
South Korean traders have played a key role in driving the rally, with CoinGecko data revealing that the WLD/KRW trading pair on Bithumb alone accounted for over $51.6 million in trading volume within the past 24 hours.
Zcash
Zcash (ZEC) a cryptocurrency focused on privacy was also up 2.2% when writing trading at $29.2 while its market cap stood at $441.7 million.
Source: Coinmarketcap
Zcash seems to be benefitting from all the chatter around privacy-focused cryptocurrencies as several exchanges in the EU delisted its competitor Monero (XMR) ahead of the implementation of MiCA regulations, which include stricter anti-money laundering (AML) rules that target privacy coins like XMR and ZEC due to their anonymity features.
Some analysts observed that ZEC recently broke out of a significant resistance trend on strong buying volume, potentially signaling the start of a major bullish reversal.
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