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Academy Trading Ideas Article
Crypto Market Daily NFT Bitcoin ETF DeFi Ethereum

SOL, OKB surge as Bitcoin ETF excitement cools wider crypto market

2021.10.22 Adam James

The cryptocurrency market is starting to stall on Friday after a week of excitement driven by Bitcoin’s first exchange-traded fund in the United States. 

Enthusiasm surrounding the launch of Bitcoin’s first exchange-traded fund in the United States has waned somewhat on Friday. Both BTC and ETH have pulled back by more than 3% over the past 24 hours, bringing the global cryptocurrency market capitalization down by more than 1%.

Solana’s native coin, however, is outperforming most major altcoins. SOL is up by 11.8% over the same time period — proving, once again, that it enjoys performing opposite to the rest of the market.

The cryptocurrency market is stalling on Friday, though SOL is pushing ahead. Source: COIN360

NFT Snapshot: The Economist auctioning off crypto cover

The Economist plans to auction the front cover of its Sept. 18 issue as a nonfungible token. The date of the auction is set for Oct. 25 and has been converted to an NFT via Foundation. Proceeds will go to charity The Economist Educational Foundation, including 10% of every secondary sale.

Top altcoin gainers and losers: OKB outperforms majors

  • FODL/USDT +26.95%
  • LMCH/USDT +24.59%
  • FAIR/USDT +17.63%
  • XPR/USDT -9.53%
  • AUCTION/USDT -9.62%
  • DMD/USDT -15.72%

The top-performing large-cap altcoin on OKEx today is OKB, which is up by more than 10% — per the exchange’s default time settings. SOL isn’t far behind with a gain of more than 8%.

OKB is the top-performing large-cap altcoin on OKEx today. Source: OKEx

BTC technical analysis: Looking for support after ATH

Using a simple Fibonacci retracement drawn from BTC’s most recent low to its new all-time high, we can see that the most obvious point where the market leader will look to find support is around 58,000 USDT — which is also a previous breakout point. Failing to find support there could open the door to 52,000 USDT.

OKEx’s BTC/USDT 4h chart — 10/22. Source: OKEx, TradingView

ETH technical analysis: 0.067 BTC remains key level

The price of ETH against BTC is pulling back slightly and will be looking to find support at or above the four-hour ribbon of exponential moving averages. Resistance remains around 0.067 BTC — which has been a key level for ETHBTC for months.

OKEx’s ETH/BTC 4h chart — 10/22. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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