The past 24 hours were relatively calm, at least in terms of price action. In fact, the total cryptocurrency market capitalization remained flat at around $2.26 trillion.
All eyes were on the HBO documentary Money Electric: The Bitcoin Mystery, which aired last night. The film claims to have identified Satoshi Nakamoto, the pseudonymous creator of Bitcoin. According to it, that’s Peter Todd, a 39-year-old software developer who’s been known to have ties to the community spanning back a long time.
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
As mentioned above, the price failed to chart any significant differences throughout the past 24 hours and remained relatively calm at around $62,000.
The derivatives market saw a combined total of about $120 million worth of liquidated positions throughout the period, with $69 million of them being long traders. Apparently, bears are currently in control of the price action.
It’s interesting to see if $62,000 will hold because if it fails, the next imminent support will be found at the pivotal technical and psychological level of $60K. Bitcoin’s behavior around that mark will likely determine its future trajectory.
Meanwhile, the state of the market remains neutral, completely unchanged from yesterday.
EigenLayer (EIGEN) Leads Altcoin Market
Elsewhere on the altcoins market, EIGEN happens to be the best performer in the past 24 hours, outperforming all other coins from the top 100. It’s up more than 10% and trades above $4. The recently-launched native cryptocurrency of one of Ethereum’s largest restaking protocols boasts a market capitalization of around $760 million.
EIGEN aside, most of the other coins have failed to achieve any notable performances. ETH, SOL, XRP, ICP, PEPE, BCH, TON, AVAX, and many others are trading flat on the day.
October has historically been a positive month for the industry, so it’s interesting to see if the trend will continue. Unfortunately, the crypto markets have been quite disappointing so far.
