On Monday, as the month of "Uptober," as many refer to it, got underway, bitcoin surpassed the $28,000 mark. Additionally, the market cap of all cryptos increased significantly during today's session, rising by around 3% as of this writing. Ether is still priced above $1,700.
Bitcoin
As traders poured in to start "Uptober," the price of Bitcoin (BTC) rose past the $28,000 mark at the beginning of the month.
BTC/USD reached a high of $28,488.74 earlier in today's session after falling to a low of $27,056.29 on Sunday.
The price of bitcoin increased to its highest level since August 17 when it reached a high of $28,751.
According to the chart, the most recent increase in momentum occurred after the 14-day relative strength index (RSI) broke out above the 68.00 level.
Price strength is currently tracking at 69.44, just below a higher ceiling of 70.00, at the time of writing.
BTC will enter overbought territory if the indicator moves past this level, which might be a sign for bears to reenter the market.
Ethereum
On Monday, the price of Ethereum (ETH) remained above $1,700 as it was trading close to a multi-week high.
To start the week, ETH/USD reached an intraday high of $1,750.60, less than 24 hours after trading at a low of $1,670.08.
Similar to bitcoin, ethereum has experienced a similar run, reaching its highest price since mid-August after overcoming resistance at $1,730.
A closer inspection of the chart will also reveal that the 10-day (red) and 25-day (blue) moving averages have crossed upward.
This is normally a bullish indicator, but since Ethereum's RSI is also on the verge of overbought territory, traders may be hesitant before choosing to increase pressure.
Will the price of Ethereum increase in the days to come? Post your opinions in the section below.