Bitcoin remains steady around $85,900, but smaller altcoins are experiencing significant gains, particularly BTW, the native token of Bitway. This token has surged 25% in the last 24 hours and an impressive 170% over the past month.

Leading the Charge: Bitway's BTW Token

BTW has gained notable traction as it benefits from increased retail interest, particularly after the conclusion of Binance Wallet's "Booster Season 5" campaign on October 2, which incentivized deposits. This campaign appears to have contributed to a rise in engagement among retail investors.

In addition to Bitway, other smaller cryptocurrencies are also gaining momentum. Filecoin's FIL and LayerZero's ZRO have risen by 12% and 10% respectively in the past 24 hours, both showing over 50% growth in the last month. Midnight's NIGHT token has also increased by 8% during the same period.

On the flip side, the worst-performing tokens among the top 100 include SKY, VVV, and DASH.

As for Bitcoin, it remains within a narrow trading range, currently priced at $85,900 after dipping near $85,000 earlier in the day. Analysts caution that if Bitcoin drops below $84,000, it could lead to a rapid decline towards $80,000. Alex Kuptsikevich, chief market analyst at TheFxPro, noted, "A break below $84K would signal a victory for the bears, and a break below the recent local lows at $83K would confirm this with even greater certainty."

Current Derivatives Positioning

  • The open interest for Bitcoin derivatives has stabilized at approximately $21.9 billion, with funding rates cooling to a range of 0-5% annualized, down from previously elevated levels of 4-10%. The annualized basis for three months remains steady at 5-6%, indicating that positioning is stabilizing after a recent build.
  • Options trading continues to show a preference for calls, with a 24-hour put/call volume ratio of 62/38 in favor of calls. The one-week 25-delta skew remains negative at around -2%, and the at-the-money term structure is unchanged, still in contango.
  • According to Coinglass data, there were $163 million in liquidations over the last 24 hours, with a split of 63% longs and 27% shorts. Notable liquidations included $51 million in Bitcoin, $21 million in other assets, and $19 million in Ethereum. The Binance liquidation heatmap suggests $87,150 as a critical level to monitor for potential price increases.

Market Highlights

  • Privacy tokens have shown resilience, with Monero (XMR) up 1.9% to $557 and Zcash (ZEC) gaining 2.5% to surpass $1,350, indicating strong demand for anonymous layer-1 assets.
  • Near Protocol's NEAR has also performed well, rising 4.5% to trade at $5.25 as buying interest returned following last week's market pullback.
  • On the downside, Rain Protocol (RAIN) led decliners with a 5.6% drop, as selling pressure resumed after recent supply emissions.
  • Large-cap DeFi tokens have seen slight declines, with Uniswap (UNI) down 1.4% to $8.89 and Chainlink (LINK) easing 1.2% to $14.
  • Sui (SUI) has retraced recent gains, falling 3.2% to trade near $1.20 as it stabilizes after volatility.