Smaller altcoins shine as bitcoin stills trades around $85,000
- Bitway’s BTW token rose 25 percent in 24 hours and 170 percent over the past month, leading a broader rally among smaller cryptocurrencies.
- Bitcoin traded near $85,900, with analysts warning that a drop below $84,000 could open the way for a swift decline toward $80,000.
- Bitcoin derivatives positioning stabilized as open interest held near $21.9 billion, funding rates cooled and 24-hour liquidations reached $163 million.
Smaller coins are stealing the spotlight again as bitcoin BTC$86.132,66, ether ETH$2713,51 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.