Bitcoin ends week above $35,000, altcoins rebound strongly as Wall Street trades sideways


Bitcoin continued to close in the green just above $35,000 last week, recording three consecutive weeks of gains.

BTC Price Chart – 1 Week | Source: TradingView

US stocks

U.S. stock futures contracts were flat Sunday night after major averages posted their best week so far this year.

Futures contracts linked to the Dow rose 13 points, or 0.04%. S&P 500 futures edged up 0.03%, while Nasdaq 100 futures were almost flat.

All major stock indexes had their best week of the year, setting a positive tone for the start of November. The Dow Jones closed the week at 34,061.32 points, up 5.07%, its strongest weekly gain since October 2022. The S&P index rebounded 5.85% to 4,358.34 points; the Nasdaq Composite Index closed at 13,478.28 points this week, up 6.61%. It was the best week for both indexes since November 2022.

“Oversold conditions, solid yields, hopes of an end to the Fed’s rate hikes and sharp declines in yields attracted buyers,” said Adam Turnquist of LPL Financial.

A weaker-than-expected monthly jobs report also sent bond yields lower, boosting stocks.

Although there won’t be much economic data and corporate earnings next week, seasonal fluctuations may help stocks continue to recover.

November was the S&P 500’s best month, marking the start of the market’s best six-month period of growth since 1950, with returns averaging 7% from November to April of that year, according to trader Almanac. . .

Earnings season is coming to an end, with 400 S&P 500 companies reporting quarterly financial results. Investors this week are still looking forward to the latest news from Walt Disney, Wynn and MGM Resorts, Occidental Petroleum and Dr. Hortons.

Meanwhile, traders will also be watching for speeches from Federal Reserve Chairman Jerome Powell in the coming days. Last week, the central bank kept interest rates unchanged for the second consecutive meeting, and bond yields fell amid hopes that rate hikes may be over.

Federal Reserve Governor Lisa D. Cook is scheduled to speak on Monday. Several other Fed officials will also make public comments over the weekend, including New York Fed President and CEO John Williams; Atlanta Fed President Raphael Bostic; Richmond Fed President Thomas Barkin and Dallas Fed Federal Reserve Chairman Lori Logan.

Bitcoin and altcoins

Despite a correction over the weekend, Bitcoin has posted gains for a third straight week.

In the short term, the market-leading asset has recovered, hitting a local daily peak of $35,380 before temporarily falling to just below $35,000.

BTC Price Chart – 1 Hour | Source: TradingView

The altcoin market continues its strong recovery as BTC closed its weekly candle just above the $35,000 threshold.

PancakeSwap (CAKE) was the strongest growing project of the day, growing by nearly 30%. Considering the 7-day time frame, CAKE’s value increased by over 90%.

Neo (NEO), KuCoin Token (KCS), Immutable (IMX), OKB (OKB) are also altcoins with double-digit gains in the past 24 hours.

Other projects such as Arweave (AR), XRP (XRP), Chiliz (CHZ), NEAR Protocol (NEAR), Chainlink (LINK), MultiversX (EGLD), Injective (INJ), Flow (FLOW), Kava (KAVA), The Graph (GRT), Cardano (ADA)… rebounded from 6-9%.

Source: Coin360

Ethereum (ETH) continues to record its third consecutive week of gains. The market’s second-largest asset by market value once exceeded $1,900, reaching its highest level in the past three months. Currently, bulls are still struggling to keep the price near $1,885, up nearly 2% from 24 hours ago.

ETH Price Chart – 1 Week | Source: TradingView

The “Today’s Coin Price” column will update market dynamics at 9:00 every day, and readers are sincerely invited to pay attention.

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