Smaller altcoins rally as bitcoin holds near $85,900 and derivatives positioning cools
Smaller cryptocurrencies outperformed the majors as bitcoin stayed pinned near $85,900 and ether remained range-bound. Bitway’s native token, BTW, led the move, rising 25% over the past 24 hours and 170% over the past 30 days. CoinDesk said the token also drew social-media attention after Binance Wallet’s “Booster Season 5” campaign ended on Oct. 2, a promotion that offered deposit rewards and may have lifted retail participation. The broader move extended to other smaller tokens, with Filecoin’s FIL up 12% and LayerZero’s ZRO up 10% in 24 hours, while both posted gains of 50% or more over four weeks. Midnight’s NIGHT added 8% over the same period. Bitcoin, by contrast, remained stuck in a range. Alex Kuptsikevich, chief market analyst at TheFxPro, said a break below $84,000 would favor bears, and a move under the recent local low near $83,000 could clear the way for a quick drop toward $80,000. In derivatives, BTC open interest was roughly unchanged at $21.9 billion, funding rates eased to a 0% to 5% annualized range, and 24-hour liquidations totaled $163 million, according to Coinglass.
