As a seasoned crypto investor with over a decade of experience, I can attest that the calm waters of the past 24 hours are a welcome respite after the stormy seas we’ve been navigating. The Bitcoin Mystery documentary stirred up quite a buzz, but Peter Todd denying the claims feels like another unsolved case in our ever-mysterious crypto world.
Over the last day, there has been a generally quiet period, especially when considering price fluctuations. Interestingly, the overall value of all cryptocurrencies stayed steady, hovering around $2.26 trillion.
Last night, everyone was eagerly watching the HBO documentary titled “Money Electric: The Bitcoin Enigma.” This film asserts that it has found the true identity of Satoshi Nakamoto, the mysterious inventor of Bitcoin. It suggests that the individual is Peter Todd, a 39-year-old software developer with a history of connections within the community dating back many years.
Todd denied the claims, while the majority of the community failed to take the documentary seriously. That said, let’s jump right into the price action.
Bitcoin Flat at $62,000
Over the last 24 hours, the price didn’t show much variation and generally stayed near $62,000, maintaining a stable state.
During the specified timeframe, a total of approximately $120 million in positions were liquidated across the derivatives market, with around $69 million of those positions held by long traders. It seems that at present, short sellers, or ‘bears’, are dominating the price movements.
It’s intriguing to observe whether Bitcoin can sustain above $62,000. If it doesn’t, the closest potential support could be at the significant technical and psychological barrier of $60,000. The way Bitcoin behaves near this level will probably influence its future trend.
Meanwhile, the state of the market remains neutral, completely unchanged from yesterday.
EigenLayer (EIGEN) Leads Altcoin Market
In other altcoin markets, EIGEN stands out as the top performer over the past 24 hours, surpassing all coins in the top 100. It has gained more than 10% and is currently trading above $4. This newly introduced cryptocurrency, which is part of one of Ethereum‘s largest staking protocols, boasts a market capitalization of approximately $760 million.
Except for EIGEN, many popular cryptocurrencies have not demonstrated exceptional performance so far. For instance, Ethereum (ETH), Solana (SOL), Ripple (XRP), Internet Computer Protocol (ICP), PEPE, Bitcoin Cash (BCH), Telegram Open Network (TON), Avalanche (AVAX), and numerous others are experiencing no significant gains today.
Historically, October tends to be a good month for our industry, so we’re curious if this trend will persist. However, unfortunately, the crypto market hasn’t been performing as well as we’d hoped up until now.
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2024-10-09 12:22