Bitcoin eyes third weekly close above $60K as Ethereum fuels new altcoin market cap record

Bitcoin (BTC), $61,000, remained intact over the weekend following “aggressive buying” on Coinbase that sparked multiday highs.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Coinbase BTC buyers step up

Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD dropped overnight after briefly challenging $63,000

Friday’s strong performance, after U.S. traditional market opened, helped Bitcoin reach its minimum monthly close target.

Analysts noted that Coinbase, a major exchange, was the place for heavy accumulation.

Some aggressive BTC buying on Coinbase right now pic.twitter.com/sR1eMuF2ze
— Will Clemente (@WClementeIII) October 29, 2021

Pentoshi, a popular trader and analyst, noted that Pentoshi had also sold elsewhere. Pentoshi was referring to a whale whose BTC divesting total has exceeded 1,000 BTC. Each batch of 20-30 BTC was then traded on the open markets.

He summarized, “Just goes to demonstrate how liquid this market right now.”

Market participants will be interested in both the weekly and monthly closes on Sunday. The former could see an all-time high. BTC/USD could also close its third consecutive week above $60,000.

Market cap for ltcoin reaches all-time high

However, for many, it was all about altcoins when the weekend began.

Similar: Altcoin Roundup – Dogecoin and Shiba Inu are bringing the dogsleds to mass adoption

Ethereum’s Ether(ETH) reached new all-time highs Friday, helping to lift the total altcoin market cap to $1.473 trillion.

Chart of Altcoin Market Cap for 1-Week. Source: TradingView

Other areas saw strong performance, with Shiba Inu’s (SHIB), holding steady after the week’s blistering gains.

Read more https://cointelegraph.com/news/bitcoin-eyes-third-weekly-close-above-60k-as-ethereum-fuels-new-altcoin-market-cap-record