Bitcoin Reaches IDR 550 Million, Altcoin Soars

Bitcoin prices rose significantly in line with the outbreak of the Bitcoin ETF plan. (Photo; Doc. Benzinga)

JAKARTA - Bitcoin (BTC) is again in the public spotlight after successfully breaking the resistance level of IDR 550 million (US $ 35,000) on Sunday morning, November 5, 2023. This increase marked a positive trend that continued with value strengthening in the following hours, creating positive market sentiment amid last weekend's holiday.

CryptoSlate data shows that Bitcoin, a leading crypto asset today, is trading at IDR 552.8 million (USD 35.155), and sellers appear to have failed to hit prices to date.

Previously, Bitcoin had experienced a correction after noting an increase last week, in anticipation of US labor reports. Although the report shows a slowdown in bond yields and labor markets, the impact on Bitcoin does not appear to have been too significant in the past week.

However, Bitcoin is currently above the resistance level from the previous week for more than 12 hours, showing signs of consolidation. This rally is most likely triggered by positive news about Bitcoin, especially those related to BlackRock's Exchange Trade Fund (ETF) filing plan.

The crypto market is eagerly awaiting regulatory approval regarding several Bitcoin ETF submission proposals submitted by the world's largest asset manager. Experts predict that this ETF will be an important foundation for institutional funding to enter the crypto world because it is well regulated.

Valkyrie's Chief Investment Officer (CIO), Steven McClurg, is optimistic that the SEC will give the green light for the ETF in November.

Altcoins Soared

Meanwhile, altcoins also started showing signs of an increase last week when the price of Bitcoin underwent a correction. Most of the top 100 tokens recorded a significant increase over the past week.

According to crypto analytics firm Santiment, altcoins take over lost profits as investors start switching to other major and medium-sized projects. Some mid-cap tokens even increase by more than 100% each week.

One of the altcoins that stole the show was NEO, which has been one of the best in the last 24 hours with an increase of 32.04%, and in the last seven days with an increase of 59.3%.

In a month, NEO even recorded a surge of more than 100%. This initial strengthening momentum was driven by positive news about the ecosystem working on an Ethereum compatible sidechain.

Not only NEO, but some tokens related to multiverse and gaming have also experienced significant spikes in the last 24 hours, such as MultiversX (EGLD), Immutable X (IMX), and Illuvium (ILV).

The EGLD showed performance commensurate with the NEO, with an increase of 36.41% in the last 24 hours and 58.34% in the last seven days. While the IMX and ILV also experienced a gain, although with a lower rise rate, 18.25% and 17.54%, respectively in the last 24 hours.

PancakeSwap's original token, CAKE, has also experienced significant strengthening in the past month with a surge of 83.54%, including 77.68% increase in the past week. The token continues to show positive performance with an increase of 16.67% in the last 24 hours.