Key Points
- The global crypto market cap experienced fluctuations, peaking at $2.5 trillion before settling at $2.38 trillion.
- Bitcoin (BTC) retested its all-time high, and notable price actions were observed in EigenLayer (EIGEN) and Kaspa (KAS).
The past week saw the global cryptocurrency market capitalization fluctuating, reaching a three-month high of $2.5 trillion before settling down to $2.38 trillion.
Bitcoin Retests All-Time High
The week began with Bitcoin (BTC) triggering an uptrend, retesting its all-time high from March 2024 of over $73,000. This surge was followed by a significant correction.
Bitcoin’s price action saw a decline in the following four days, with the 20-day moving average at $68,564 acting as a defense against further downside risk. If this support gives way, Bitcoin would need to maintain above the lower Bollinger Band at $65,214, particularly with the upcoming US presidential election. A recovery above $71,913 could potentially give the bulls renewed strength to reach the all-time high again.
EIGEN and KAS Experience Price Shifts
In contrast to the broader market’s mild gains, EigenLayer’s native token, EIGEN, saw a 17% drop after an initial rise. Despite struggling to reclaim its peak above $4 since its October 1 debut, EIGEN must close above the 23.6% Fibonacci retracement level at $2.642 this week to overcome its downward trend.
Kaspa (KAS), on the other hand, navigated through market uncertainties, diverging from broader market trends. Despite seeing gains towards the end of the week, KAS closed with a 4.4% decline. To shift momentum, KAS must break through the pivot level of $0.2592 and recover the late October high of $0.1311. Surpassing this level could introduce the first major resistance at $0.1492 and potentially allow Kaspa to reclaim the psychological levels of $0.15 and $0.16.
