Major coins were trading flat on Tuesday night as the global cryptocurrency market capitalization rose 0.71% to $2.32 trillion over 24 hours.
What Happened: Bitcoin BTC/USD traded 0.59% higher at $56,488.35 over 24 hours. Over the week, the apex coin has shot up 10.16%.
The second-largest cryptocurrency by market cap Ethereum ETH/USD was up 0.71% at $3,519.54 over 24 hours. For the week, ETH has fallen 0.06%.
Dogecoin DOGE/USD inched up 0.18% to $0.23 over 24 hours. Over a seven-day trailing period, the meme coin fell 8.97%.
Self-described DOGE-Killer SHIBA INU fell 2.14% to $0.00002927 over 24 hours. SHIB has soared 61.9% over the last seven days.
See Also: How To Buy Shiba Inu (SHIB)
The top gainer over 24 hours was Revain, which rose 20.44% to $0.0193 in the period. The coin has appreciated 6.42% over the last seven days.
The token of the review platform based on the Ethereum blockchain rose 19.58% and 17.88% against BTC and ETH, respectively.
Why It Matters: Bitcoin has dipped below the $57,000 level but as per cryptocurrency trader Michaël van de Poppe “as long as [BTC] stays above $50K, it’s fine.”
As long as #Bitcoin stays above $50K, it's fine.
— Michaël van de Poppe (@CryptoMichNL) October 12, 2021
On Tuesday, a BTC whale moved $349.68 million worth of the cryptocurrency off of the Bitfinex exchange, a step that is associated with long-term holding.
Meanwhile, increased activity on the BTC blockchain indicates fresh buying demand in the current quarter, as per Glassnode, an on-chain analytics firm.
Glassnode noted an increase in network activity in the first week of October.
“Active Entities, the count of individual participants on-chain each day, has grown 19% to this week, reaching around 291k active entities per day. This value is on par with counts from late 2020 at the beginning of the last bull run.”
An increase in active participants has historically correlated with “growing interest in the asset during early-stage bull markets,” as per Glassnode.
Cryptocurrency data expert Material Scientist said resistance at $60,000 resulted in asks outweighing bids within 20% of the price for the first time in August, which may give rise to a buying opportunity.
“It would provide a nice dip-buying opportunity on the path to" all-time high.”
Read Next: Shiba Inu Surges Another 14% But Is An End To Rally Coming Soon?
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