Major coins were on the rise on Sunday evening as the global market cap of the cryptocurrency rose 0.54% to $ 2.14 trillion.
What happened: The top cryptocurrency, Bitcoin (CRYPTO: BTC) rose 1.78% to $ 47,994.68 in 24 hours. In the past seven days, BTC is up 9.9%.
ether (CRYPTO: ETH) was trading 1.31% to $ 3,391.91 over 24 hours. Over a seven-day period, ETH was up 8.81%.
Shiba Inu themes Dogecoin (CRYPTO: DOGE) rose 1.01% to $ 0.22 over 24 hours. For the week, DOGE gained 6.25%.
The top winner over 24 hours on Sunday was Axie infinity (AXS), which shot 23.43% to $ 136.02 over the reporting period. Over a seven day period, AXS is up 115.72%.
The blockchain gaming project’s coin rose 22.51% and 23.32%, respectively, versus BTC and ETH.
AXS rose to an all-time high of $ 139.80 on Sunday. Since the start of the year, the coin is up 22851.63%.
Why it matters: On Sunday, former Goldman Sachs hedge fund manager Raoul Pal analyzed Bitcoin’s chart and said that it forms a huge descending wedge reminiscent of one that formed from 2017 to 2020.
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“Who knows if the wedge will break on the first try, but a consolidation pattern of this magnitude usually results in a very, very strong upward movement,” Pal said on Twitter.
On Friday, it was reported that BTC’s rise was over the weekend, when short positions worth $ 270 million were liquidated in just an hour.
This Amsterdam-based cryptocurrency trader analyst Michael van de Poppe to note: “Goodbye bears.”
On Sunday, van de Poppe said that the bull season is back overall and that it is only a matter of time before BTC hits $ 50,000.
Interesting price moves from #Bitcoin Here.
Liquidity was brought above recent highs over the weekend, which is a bit sketchy.
There could be a slight reversal here to bring liquidity to the lows.
Overall -> Bull season is back, a matter of time until $ 50,000. pic.twitter.com/lU3ayxk6EY
– Michaël van de Poppe (@CryptoMichNL) October 3, 2021
Meanwhile President of El Salvador, Here is a look, said 3 million Salvadorans are now using the country’s BTC wallet – Chivo.
– Nayib Bukele (@nayibbukele) October 3, 2021
El Salvador has a population of nearly 6.5 million people, meaning that half of the country is now using the wallet.
The US is on the regulatory front Securities and Exchange Commission has extended the decision deadline for the approval of four Bitcoin ETFs by 45 days, as more time is required for the evaluation of the applications.
Continue reading: EXCLUSIVE: Axie Infinity’s Andrew Campbell on coming out as non-binary, LGBTQ acceptance and breaking the ‘cycle of broken power dynamics’ with blockchain
Photo: Courtesy of Axie Infinity