Bitcoin (CRYPTO: BTC) traded over the $56,000 level over 24 hours on Monday night as the global cryptocurrency market capitalization rose 1.53% to $2.31 trillion.
What Happened: The apex coin appreciated 3.47% to $56,857.18 over 24 hours. BTC has risen 14.43% over a seven-day trailing period.
See Also: How To Buy Bitcoin (BTC)
Ethereum (CRYPTO: ETH) rose 1.86% to $3,495.51. Over the last seven days, ETH has run up 2.59%.
Shiba Inu-themed Dogecoin (CRYPTO: DOGE) was down 2.05% at $0.22 over 24 hours. For the week, it has fallen 7.05%.
Self-described DOGE-Killer SHIBA INU traded 12.88% higher at $0.00002994 over 24 hours making it the second-highest gainer over the period, as per CoinMarketCap. For the week, the coin is up 140.42%.
Perpetual Protocol was the top gainer over 24 hours, rising 17.78% to $15.96 over 24 hours. For the week, the coin has gained 9.94%.
The token of a project that wants to empower stakeholders to participate in a free and accessible financial marketplace has risen 13.76% and 15.46% against BTC and ETH, respectively, over 24 hours.
Why It Matters: It is “Bitcoin Season,” as per the tracker maintained by Blockchaincenter.com, which bases the metric on 75% of the top 50 coins movement against BTC over the last 90 days.
BTC domination, by the percentage of total market capitalization, continues to rise. At press time, it stood at 46.54%, while a month ago it was at 41.28%.
As per Delphi Digital, a New York-based independent research firm, BTC dominance is reinforced when futures markets are examined.
Comparing BTC and ETH open interest (OI), Delphi pointed out that it was mirrored between July until end of September. However, things changed in early October when a divergence took place between BTC and ETH OI and the gulf is widening.
A Comparison of BTC/ETH Futures, Courtesy Delphi Digital
“BTC OI is still 30% away from May highs, suggesting that markets have yet to reach a state of euphoria & FOMO,” wrote Delphi Digital.
As per the firm’s emailed note, this difference in OI suggests “speculators are anticipating more upside in BTC as compared to ETH.”
The next resistance for BTC is at $60,000, as per Freddie Evans, Sales Trader at the United Kingdom-based digital asset broker GlobalBlock.
Evans wrote in an emailed note that should this resistance level be broken through “we could have an exciting run until Christmas.”
Touching on ETH, Evans wrote that technical indicators point to slightly more “bearish signs” compared to BTC.
“It is normal that Bitcoin has a bullish shift first before others are pulled up. Ethereum is currently at $3,605 with the price moving up just under 5% over the last week.”
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