Major coins were on the ascent on Sunday night as the global cryptocurrency market capitalization rose 0.54% to $2.14 trillion.
What Happened: The apex cryptocurrency, Bitcoin BTC/USD, rose 1.78% to $47,994.68 over 24 hours. Over the last seven days, BTC has risen 9.9%.
Ethereum ETH/USD, traded 1.31% higher over 24 hours to $3,391.91. Over a seven-day trailing period, ETH rose 8.81%.
Shiba Inu-themed Dogecoin DOGE/USD was up 1.01% at $0.22 over 24 hours. For the week, DOGE has gained 6.25%.
The top gainer over 24 hours on Sunday was Axie Infinity (AXS), which shot up 23.43% to $136.02 in the period. Over a seven-day period, AXS has shot up 115.72%.
The coin of the blockchain gaming project rose 22.51% and 23.32% against BTC and ETH, respectively.
AXS rose to an all-time higher of $139.80 on Sunday. Since the year began, the coin has soared 22851.63%.
Why It Matters: On Sunday, former Goldman Sachs hedge fund executive Raoul Pal analyzed Bitcoin’s chart and said that it was forming a huge descending wedge reminiscent of one that formed from 2017 to 2020.
See Also: For the First Time Ever, Institutional Traders Favor Grayscale's Ethereum Trust Over Bitcoin Trust
“Who knows if the wedge breaks on the first attempt, but a consolidation pattern of this magnitude usually leads to a very, very powerful upside move,” Pal said on Twitter.
On Friday, it was reported that BTC’s ascent over the weekend took place as $270 million worth of short positions were liquidated in the span of just one hour.
This led Amsterdam-based cryptocurrency trader analyst Michaël van de Poppe to remark, “Goodbye bears.”
On Sunday, van de Poppe said that overall the bull season is back and it is only a matter of time before BTC touched $50,000.
Interesting price movements of #Bitcoin here.
— Michaël van de Poppe (@CryptoMichNL) October 3, 2021
Took the liquidity above the recent high, during the weekend, which is a bit sketchy.
Might be seeing a slight reversal here to take liquidity on the lows.
Overall -> bull season is back, a matter of time until $50K. pic.twitter.com/lU3ayxk6EY
Meanwhile, President of El Salvador, Nayib Bukele, said that 3 million Salvadorans are now using the country’s BTC wallet — Chivo.
3 million salvadorans are already using @chivowallet.#Bitcoin
— Nayib Bukele (@nayibbukele) October 3, 2021
El Salvador has a population of nearly 6.5 million people, which means half the country now is using the wallet.
On the regulatory front, the U.S. Securities and Exchange Commission has extended the decision deadline for the approval of four Bitcoin ETFs for 45 days citing the need for more time to evaluate the applications.
Photo: Courtesy of Axie Infinity
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