As a seasoned crypto analyst with years of experience navigating the volatile world of digital assets, I must say that the past few days have been quite interesting for Dogecoin (DOGE), Aptos (APT), and Celestia (TIA).
For a moment, Bitcoin (BTC) soared to $68,261, as the cryptocurrency market continued its upward trend, fueled by growing enthusiasm for riskier investments like digital currencies. Crypto bulls are optimistic that Bitcoin, the leading cryptocurrency, will reach a fresh peak. The outcome of the US election is also expected to significantly impact this sector, with both candidates expressing support for cryptocurrencies.
Experts have noted a substantial surge in worldwide funds, particularly from China, due to the country’s implementation of various stimulus plans over the past few weeks aimed at rejuvenating its faltering economy. As a result, the total value of the cryptocurrency market has seen a slight uptick of 0.44%, currently standing at an impressive $2.32 trillion.
Bitcoin (BTC) Eyes New Highs
On Wednesday, Bitcoin (BTC) experienced significant growth of approximately 2.9%, currently hovering slightly higher by 0.30%. Pushing steadily towards $67,500, the digital currency has sparked optimism among market observers due to recent price fluctuations and technical signals suggesting a potential new record high. In July, BTC last traded around $70,000 and hit an all-time high of $74,000 in March. Brett Munster, analyst at Blockforce Capital, expressed confidence about the potential for another high.
Following half a year of Bitcoin’s price stabilization this year, conditions seem ripe for a Bitcoin and cryptocurrency market surge. Worldwide, central banks are once again increasing liquidity by supplying affordable capital to their economies. Historically, when global liquidity surpasses its average, it has frequently been followed by substantial increases in the value of Bitcoin.
The cryptocurrency market, including Bitcoin, has received additional boost due to Kamala Harris’s promise to establish a regulatory structure for digital currencies. This commitment follows years of calls from the crypto industry for more definite guidelines on regulations, expressing concerns about unclear rules and the approach of U.S. authorities favoring regulation by enforcement over a well-defined framework.
Italy To Strengthen Tax On Digital Assets
In 2025, Italy plans to boost its digital services tax to generate additional income. This move is expected to provoke retaliation from the U.S., as they have previously threatened tariffs in response to unilateral digital taxes within Europe. These taxes affect companies such as Meta Platforms Inc., Google, and Amazon, and have already garnered 400 million Euros. Italian officials have confirmed that the government has authorized this tax increase without seeking explicit approval from the U.S. Italy initially implemented a 3% levy on income generated from internet transactions for businesses with sales exceeding 750 million euros.
DeFi Remains Popular Amidst Surge In Crypto
Andreessen Horowitz’s report reveals an increase in crypto activity over the past year, suggesting that the industry’s growth pattern resembles the early days of internet expansion. The document also points out significant statistics and critical matters within the cryptocurrency sector. As per the report, crypto has emerged as a significant political topic in the upcoming presidential elections. Moreover, it underscores the fact that the US lags behind the European Union and the UK regarding public involvement in crypto regulation.
1) The report mentioned substantial advancements concerning stablecoins, now among the top 20 holders of U.S. Treasury Bonds. It also highlighted impressive growth in Decentralized Finance (DeFi), noting that it experienced the highest level of activity among daily active wallets throughout the previous year.
Decentralized exchanges (DEXs) have seen significant growth since the advent of DeFi in summer 2020, now accounting for approximately one tenth of all cryptocurrency trading activities that were previously carried out exclusively on centralized platforms as recently as four years ago.
The combined worth of funds secured on Decentralized Finance (DeFi) platforms totals approximately $169 billion, with key players such as Lido, Aave, Uniswap, EigenLayer, Wrapped Bitcoin (WBTC), and ether.fi leading the pack.
Grayscale Files To Convert Fund Into ETF
As an analyst, I am sharing that I recently learned about Grayscale’s intention to transform its $520 million multi-crypto fund into an exchange-traded fund (ETF). This conversion has been proposed by the New York Stock Exchange (NYSE) on behalf of Grayscale, as indicated in their October 14th 19b-4 filing. The specific fund at hand is Grayscale’s Digital Large Cap Fund, which currently manages assets worth more than $524 million. Notably, this fund allocates approximately 76% of its investments to Bitcoin (BTC), while Ethereum (ETH) accounts for around 18%. The remaining portion is diversified across Solana (SOL), Ripple (XRP), and Avalanche (AVAX).
Grayscale has submitted a filing, which is similar to two significant transformations that occurred earlier in the year, when the SEC agreed to change the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE) from trusts into Exchange-Traded Funds (ETFs).
Spot Bitcoin ETFs Record $1.38 Billion in Weekly Inflows
This week, U.S.-listed Bitcoin ETFs have experienced daily inflows for the fourth consecutive day, accumulating over $1.38 billion. On October 16 alone, these ETFs took in nearly $460 million, with BlackRock’s IBIT accounting for $393.4 million, Fidelity’s FBTC adding $14.81 million, Bitwise’s BITB contributing $12.93 million, and Franklin Templeton’s EZBC recording almost $11.8 million in inflows. As of October 16, the combined net assets held by these Bitcoin ETFs amounted to approximately $64.46 billion.
Bitcoin (BTC) Price Analysis
Bitcoin’s value hovered above $65,000, reaching a peak of $67,300 before experiencing a slight dip. Currently, it trades around $67,115, representing a minor increase of 0.34% over the last day. Despite a decrease in trading volume, overall investor enthusiasm remains high, as suggested by the Fear and Greed Index. Bitcoin also continues to lead the market with a dominance of 57.5%, further bolstered by increased investments in spot Bitcoin ETFs. Analysts foresee a potential price surge in the coming days and weeks due to anticipated liquidity growth. Additionally, impending interest rate reductions are likely to spark a rally for high-risk assets like BTC. Given recent trends, investors anticipate that BTC may surpass $70,000 again and potentially establish a new record high.
In the current market scenario, Bitcoin (BTC) is currently trading above $67,000, but it has slightly dropped during the present trading session. The sellers have managed to halt any advance towards $67,500. Since last Friday, BTC has been in a bullish trend, recording a 3.54% increase to surpass the 50-day Simple Moving Average (SMA), ending at $62,446. The buyers even made an attempt to breach the 200-day SMA, but were unsuccessful, reaching a peak of $63,430 before losing steam. It managed to surpass the 20-day SMA on Saturday, reaching $63,055 following a 0.98% growth. However, the price trend turned negative again on Sunday, as the buyers failed to break through the 200-day SMA.
On Monday, optimistic feelings towards the market grew, leading to a surge in Bitcoin (BTC). As a consequence, BTC rose by 5.36% and surpassed both its 20-day Simple Moving Average (SMA) and 200-day SMA, reaching $65,992. On Tuesday, volatility heightened as sellers tried to pull BTC under $65,000, but buyers intervened, causing a 1.53% rise in BTC to $67,000. For a brief moment on Wednesday, BTC went above $68,000, reaching a high of $68,837 before dropping back and closing at $67,519 following a 0.77% increase. In the current session, sellers aim to push the price of BTC below $67,000, but it’s only slightly down.
With optimism in the financial world, analysts predict Bitcoin will rebound and potentially reach $70,000. If it surpasses $68,000, Bitcoin might establish a fresh record high.
Ethereum (ETH) Price Analysis
Unlike Bitcoin (BTC), Ethereum (ETH) has encountered challenges in the last couple of days, as its progress halted when it couldn’t surpass $2,700 due to stiff resistance. However, even with this temporary setback, ETH has shown a 9% increase over the past week, indicating favorable price trends. On Thursday, ETH gained momentum, recording a 0.65% rise after experiencing significant volatility. The price continued its ascent on Friday, climbing by 2.27% to reach $2,438. The weekend saw ETH displaying mixed movements, rising by 1.60% on Saturday to surpass the 50-day Simple Moving Average (SMA) before falling by 0.37% to close the week on a downward trajectory.
Despite a muted end to the previous week, ETH surged on Monday, rising by 6.34% to push above the 20-day SMA and the crucial levels of $2,500 and $2,600 to settle at $2,630. Volatility increased on Tuesday as sellers attempted to drag ETH back below $2,500 and buyers attempted to push above $2,700. ETH eventually dropped by 0.84% to $2,607, staying above the crucial $2,600 level. Buyers made another attempt to move towards $2,700 on Wednesday as ETH rose to a day high of $2,646 but lost momentum and dropped to $2,611, registering only a marginal increase. The current session sees ETH up by 0.36% and trading around the $2,620 mark.
Investors aim to maintain Ethereum (ETH) above $2,600 and strive for a rise towards $2,700. If ETH surpasses this threshold, it might advance to $2,850. However, if the price goes beyond $2,600, sellers will attempt to pull it back down to around $2,500.
Solana (SOL) Price Analysis
Despite multiple attempts, Solana (SOL) has so far failed to surpass the $160 mark, a level that’s proving challenging due to its role as resistance. The bulls are now trying to maintain SOL’s price above both the 200-day Simple Moving Average (SMA) and $150, hoping this could trigger a price recovery. Starting on Friday, SOL made a significant jump of nearly 5%, surpassing its 50-day SMA and settling at $145. Over the weekend, despite subdued price action, SOL continued to inch upwards, increasing by 0.66% on Saturday and 0.91% on Sunday, moving above its 20-day SMA and settling at $147.
Bullish sentiment picked up on Monday as SOL went past the 200-day SMA after an increase of almost 7%. The increase also meant SOL was above the $150 price level, as it settled at $157. However, SOL fell back in the red on Tuesday after a move to $160 failed to materialize, allowing sellers to take control. As a result, SOL briefly dipped below the 200-day SMA to a day low of $150 before recovering and settling at $154 after a drop of 1.89%. Buyers made another attempt to push above $160 on Wednesday as SOL reached a day high of $158 before dropping back to $154 after registering a marginal decline. The current session sees SOL down by just over 1% and trading around the $152 mark.
Predictably, traders aim to push Solana’s price (SOL) under $150. If they succeed, there’s a possibility that the price might fall to $140. Conversely, if buyers manage to keep SOL over $150, we might observe another attempt to surpass $160.
Toncoin (TON) Price Analysis
Toncoin (TON) has faced a halt in its progress during recent trading sessions as it finds difficulty surpassing its 20-day and 50-day Simple Moving Averages. Following a rebound from a $5 low on Thursday, TON experienced a 1.17% rise to close at $5.13. The price climbed further on Friday, rising by 1.49% and ending the day at $5.21. However, momentum weakened over the weekend, with TON recording only a minor growth on Saturday before dipping by 1.05% to $5.19, concluding the week in the red.
To begin the new week, TON experienced a notable increase of nearly 3%, reaching $5.33. Yet, this upward momentum was halted due to the 20 and 50-day Simple Moving Averages acting as a barrier, preventing further growth. Consequently, TON dipped on Tuesday, decreasing by 2.24% to $5.21. A slight recovery followed on Wednesday, with TON rising by 0.70% and moving up to $5.25. However, during the current trading session, TON has once again dropped, falling by 1.19% and currently trading around $5.19.
The price of TON is struggling to surpass its 20-day and 50-day Simple Moving Averages (SMAs). If it manages to break through these averages, there’s potential for the price to reach $5.50 or even $6. Conversely, if TON falls below $5, its next line of defense could be at $4.50.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has experienced a substantial comeback since Friday, breaking through a crucial resistance point and the 20-day Simple Moving Average (SMA), as buyers aim to propel the meme token beyond $0.13. On Friday, DOGE bounced back from the 50-day SMA, climbing approximately 5% to end the day at $0.111. The upward momentum halted on Saturday due to the influence of the 20-day SMA acting as a dynamic obstacle. Consequently, DOGE recorded only a minor gain before slipping back into negative territory on Sunday, reaching a daily low of $0.108 and then recovering to $0.111.
On Monday, DOGE broke past its 20-day Simple Moving Average (SMA) and $0.115, reaching $0.117 after a rise of more than 5%. However, on Tuesday, there was significant volatility as sellers tried to push the price below the 20-day SMA and $0.115, causing DOGE to dip to a daily low of $0.109 before regaining some ground, closing at $0.117. The cryptocurrency rose again on Wednesday, reaching a high of $0.129, almost breaching $0.13 and the 200-day SMA. But, with strong resistance at this level, buyers lost momentum, and DOGE dropped back to $0.125, marking an increase of over 7%. In today’s trading session, DOGE is down by 2.46%, as sellers aim to push the price under $0.12.
Aptos (APT) Price Analysis
Over the weekend, APT experienced a significant boost, climbing from its Friday closing price of $8.52 following a 5.32% rise. This surge propelled APT above not only its 20-day Simple Moving Average (SMA), but also its 200-day SMA. On Saturday, APT skyrocketed by an astonishing 16.50%, surpassing $9 and closing at $9.93. The upward trend continued on Sunday with a nearly 3% increase, pushing the price above $10 and settling at $10.19. However, APT began the current week with a minor dip of 0.28% on Monday. Yet, it bounced back on Tuesday with a nearly 3% rise, reaching $10.47.
During Wednesday’s trading, APT struggled to surpass $10.50 and ended up in the negative, declining by 4.23% to reach $10.02. Currently, the price is experiencing a slight dip as sellers aim to push APT below the $10 mark. If this happens, APT might slide further down to $9.50 or even $9. However, if buyers manage to regain control, they will attempt to challenge the resistance at $10.50 once more.
Celestia (TIA) Price Analysis
Over the last few days, Celestia (TIA) has experienced a notable drop, following its inability to surpass $6.50 on Monday, which gave sellers the advantage. On Thursday, TIA began its advance towards $6.50, climbing 4.24% to reach $5.02. Optimism grew on Friday as TIA surpassed the 50-day Simple Moving Average (SMA) after a rise of more than 7%, closing at $5.37. Buyers even tried to push past the 20-day SMA and $5.50, but were unsuccessful, with TIA losing steam after reaching a peak of $5.63. On Saturday, TIA managed to surpass $5.50 again, rising by 2.54% and ending the day at $5.51.
On Sunday, TIA experienced a notable rise, climbing by 13.27% to surpass its 20-day Simple Moving Average (SMA) and reach $6.24. The following day, volatility escalated as sellers sought to dip TIA below $6, while buyers aimed for it to exceed $6.50. Despite this struggle, TIA ended up with a slight increase of 0.76% and closed at $6.29. However, the mood shifted on Tuesday when TIA plummeted nearly 4%, dropping to $6.06. The price subsequently dipped below $6 following a 3.18% fall to reach $5.87. As of now, bearish sentiments continue, with TIA currently losing almost 3% and trading around the $5.70 level.
Read More
Sorry. No data so far.
2024-10-17 14:14