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Smaller altcoins shine as bitcoin stills trades around $85,000

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Smaller altcoins shine as bitcoin stills trades around $85,000

Smaller coins are stealing the spotlight again as bitcoin BTC$85,797.16, ether ETH$2,712.04 and other major cryptocurrencies are still trading in a choppy range, while

Leading the gains is BTW, the native token of Bitway, a bitcoin-compatible layer-1 blockchain with proof-of-stake consensus and decentralized finance (DeFi) infrastructure. The token has jumped 25% in the past 24 hours and is up 170% over the past 30 days.

BTW has also been drawing attention on social media, following the end of Binance Wallet's "Booster Season 5" campaign on Oct. 2. The campaign offered rewards for deposits and may have boosted retail engagement.

The rally also appears to be part of a broader shift toward smaller altcoins. Filecoin's FIL and LayerZero's ZRO have gained 12% and 10%, respectively, in 24 hours, and both are up 50% or more over four weeks. Midnight's NIGHT token has added 8% over the same 24 hours.

At the other end, SKY, VVV and DASH are the three worst performers among the 100 largest tokens by market value.

As for bitcoin, it remains stuck in its range. The leading cryptocurrency is trading at $85,900 as of this writing, after putting in lows near $85,000 earlier in the day.

"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. In this scenario, the leading cryptocurrency could fall to $80K fairly quickly," said Alex Kuptsikevich, chief market analyst at TheFxPro.



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