Bitcoin Steady at $62,000 as EigenLayer (EIGEN) Pulls Forward: Market Watch

The last 24 hours were relatively quiet, 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 him, this is Peter Todd, a 39-year-old software developer who is known to have long-standing ties to the community.

Todd denied the claims, while most of the community did not take the documentary seriously. With that said, let’s get straight to the price action.

Bitcoin Flat at $62,000

As mentioned above, the price did not register any significant difference in the last 24 hours and remained relatively calm around $62,000.

Source: TradingView

The derivatives market saw a combined total of about $120 million in liquidated positions throughout the period, with $69 million of that by long traders. Ostensibly, the bones are in control of the price action.

It is interesting to see if $62,000 will hold because if it fails, the next imminent support will be at the fundamental technical and psychological level of $60,000. Bitcoin’s behavior around this mark will likely determine its future trajectory.

Meanwhile, the state of the market remains neutral, completely unchanged from yesterday.

EigenLayer (EIGEN) leads the altcoin market

Elsewhere in the altcoin market, EIGEN has been the best performer in the last 24 hours, outperforming all other coins in the top 100. It’s up more than 10% and is trading above $4. The recently launched native cryptocurrency of one of Ethereum’s largest restaking protocols has a market cap of around $760 million.

Source: Quantify Crypto

Apart from EIGEN, most of the other coins have not achieved any remarkable performance. ETH, SOL, XRP, ICP, PEPE, BCH, TON, AVAX and many others are trading on the fly on the day.

October has historically been a positive month for the sector, so it will be interesting to see if the trend will continue. Unfortunately, the crypto markets have been quite disappointing so far.

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