Market turns green as BTC climbs past $35K despite weekend lull

bitcoin (BTC) broke the $35,000 resistance level early on the morning of November 5 and maintained its value above that level in the following hours, pointing to positive market sentiment despite the end-of-day lull. week.

The flagship cryptocurrency is currently trading at $35,155, and the bears are failing to force a pullback for now, according to CryptoSlate. data.

Bitcoin had given back some of the gains made last week in anticipation of the US jobs report, which showed that both bond yields and the labor market had begun to cool. However, it did not have a significant impact on Bitcoin during the week.

The bulls struggled to break above the $34,000 to $35,000 channel with only minor breakouts during the week. The flagship cryptocurrency has remained comfortably above the previous week's resistance level for over 12 hours, with signs of consolidation.

The rally is likely a delayed effect of positive news on Bitcoin, specifically related to BlackRock's spot exchange-traded fund (ETF). The market is eagerly awaiting the regulatory green light for multiple Bitcoin ETF Applications Brought to you by some of the world's largest asset managers.

Experts predict that these ETFs will pave the way for institutional money to be invested in cryptocurrencies due to their fully regulated nature. Valkyrie Chief Investment Officer (CIO) Steven McClurg recently said in an interview that the SEC is expected to approve the ETF within November.

Altcoin rally

Altcoins began recovering last week as Bitcoin prices retreated as investors looked for other opportunities. Most of the top 100 tokens recorded significant gains during the week.

According to crypto analytics firm Santiment, altcoins are making up for lost time as gains from Bitcoin's surge are shifting to other large- and mid-cap projects. The company highlighted that several mid-cap tokens are increasing more than 100% weekly.

NEO has been one of the best-performing cryptocurrencies in the last 24 hours and the last seven days, recording dizzying gains of 32.04% and 59.3%, respectively. The token is up more than 100% in 30 days. The momentum from the market's initial rally was supported by new positive news about the ecosystem working on an Ethereum-compatible sidechain.

Meanwhile, many multiverse and gaming-related tokens also recorded significant spikes in the last 24 hours, including MultiversX (EGLD), immutableSMEs) and Rain (ILV).

EGLD has performed on par with NEO. The token is up 36.41% in the last 24 hours and 58.34% in the last seven days. IMX and ILV also rose over the weekend, but posted more moderate gains of 18.25% and 17.54%, respectively, in the last 24 hours.

PancakeSwap Native Token CAKE also increased significantly over the past month, with an increase of 83.54%, of which 77.68% occurred over the past week. The token has performed well since then and is up 16.67% in the last 24 hours.