As I analyze the price movements of DOT and XRP, it seems like a rollercoaster ride for cryptocurrency investors. Over the past few days, I’ve witnessed the highs and lows of DOT, a digital asset I’ve been closely monitoring due to its potential in the decentralized finance (DeFi) space. The volatile price swings have been reminiscent of my early days as a trader, where even the most seasoned investors can find themselves on edge.
Bitcoin (BTC) remains above $67,000 despite a temporary drop to the $65,000 zone over the past week. At present, BTC is typically being traded near the $67,000 mark, and notable cryptocurrencies like Ethereum, Solana, Ripple, Polkadot, and Dogecoin have seen volatile price movements during this period.
Bitcoin is wrapping up a tumultuous week as it fluctuates between significant price points of $65,000 and $69,000. After unsuccessfully trying to surpass the $70,000 mark, Bitcoin has been trending downward, and other major cryptocurrencies have mirrored this decline in value.
Regardless of temporary drops in Bitcoin’s value under $65,000 followed by a rebound, it seems that Bitcoin is now showing signs of steady growth.
ChangeNOW CMO Pauline Shangett commented on market conditions, stating:
“It’s predicted that Bitcoin will see a significant increase, and it’s likely that other cryptocurrencies will mirror this trend. As former U.S. President Donald Trump gains more support in the current election, there’s a possibility of having a pro-cryptocurrency administration taking charge.
US and Nigeria Partner to Fight Crypto Crime
As a crypto investor, I’m excited about the recent collaboration between the United States and Nigeria in the fight against crypto-related crimes. This joint venture has resulted in the creation of the Bilateral Liason Group on Illicit Finance and Cryptocurrencies. This group is our frontline defense against cybercrime and illicit financial activities in the digital world. The U.S Department of Justice and Nigerian authorities are leading this project to enhance our global capacity for cross-border cybercrime investigations as digital finance continues to evolve. This partnership not only ensures a safer investment environment but also fosters trust and transparency within the crypto market.
Coinbase Partners with Golden State Warriors After FTX Fallout
Coinbase has become the official partner of the Golden State Warriors and Chase Center, taking over the position left vacant by the failure of the cryptocurrency exchange FTX. This new partnership positions Coinbase as a key player in the Warriors’ digital strategy, making them the basketball team’s sole “cryptocurrency platform and blockchain collaborator.
Hacker Reportedly Returns Funds of US Government Crypto Wallet
On October 24, someone managed to siphon off $20 million from a digital wallet that the U.S. government oversees. This wallet contained money that had been confiscated after the 2016 Bitfinex hack.
A company specializing in on-blockchain analysis, Arkham Intelligence, has disclosed that an attacker transferred funds to a wallet starting with “0x348”, which consisted of USDC, UST, aUSDC, and ETH. Arkham stated that the attacker began swapping stablecoins into ETH and laundered the funds through accounts suspected to be linked with a money-laundering service. As per blockchain analyst ZachXBT’s findings, around $19 million has been recovered.
Bitcoin (BTC) Price Analysis
On Wednesday, Bitcoin took a hit, falling below $65,000 mark. Initially, it dipped by more than 2.5%, but then bounced back above $67,000. This dip in Bitcoin mirrors the trend seen in the stock market on the same day. The volatility of the crypto market and its connection with traditional markets was once again underlined by this fall in Bitcoin’s price. It appears that the decline in the crypto market is linked to the drop in tech stocks, with Tesla stocks being hit hard as the company prepares to release its latest earnings report. Analysts predict a potential decrease in Tesla’s share price.
Following a highly optimistic rise in value earlier, Bitcoin (BTC) has been moving downwards since Monday. Remarkable growth between Monday and Tuesday propelled BTC’s value above $68,000 on Friday. The price settled at $68,398 by Friday, but the upward momentum seemed to falter as BTC dipped slightly on Saturday, finishing at $68,278. However, a 0.72% recovery on Sunday pushed the value up to $67,773.
At the start of this week, Bitcoin showed strength with buyers propelling it to a peak of $69,401. However, strong resistance met by the buyers enabled sellers to take control, resulting in a 2.13% drop on Monday and a close at $67,307.
On Tuesday, Bitcoin experienced a turbulent trading period that led it to hit an intraday low of $66,523, but it later rebounded ending the day at $67,386. On Wednesday, heavy selling pressure pushed BTC down to another daily low of $65,225. However, when investors stepped in, Bitcoin managed to bounce back from this point and closed the day at $66,658, representing a minimal decrease of 1.09%. The following day, Thursday, Bitcoin peaked at $68,831 before dipping to a low of $66,510. Despite this, Bitcoin rallied during the session and ended up gaining 2.29%, finishing at $68,191.
On Friday, the seller held dominance as Bitcoin plunged to a low of $65,664, then rebounded slightly to close at $66,696, marking a decrease of 2.19%. However, buyers intervened on Saturday, causing a minor increase of 0.58%, closing the day at $67,086. At present, it appears that the buyers are in charge, with Bitcoin reaching a high of $68,004 during this session.
Ethereum (ETH) Price Analysis
Over the past week, Ethereum has been under heavy selling influence, resulting in mostly declines. However, it experienced a notable rise of approximately 6.54% on Monday, pushing ETH to $2,630. Throughout the rest of the week, the pressure persisted until Friday, when ETH saw a slight increase of 1.41%, reaching $2,641. After touching a daily high of $2,675, Ethereum tried to break through the $2,700 mark. On Saturday, it remained relatively stable but managed a small growth. A significant surge of about 4% on Sunday enabled ETH to surpass the $2,700 threshold and settle at $2,746.
This week started with a significant drop of nearly 3%, causing the price to fall below $2,700 and end at $2,666. The downward trend continued on Tuesday when ETH dropped by 1.73% to close at $2,620. Sellers intensified their selling pressure on Wednesday, pushing ETH beneath critical support levels and the 20 and 50-day moving averages to a daily low of $2,451. However, buyers tried to recover the situation by pushing the price back above $2,500, ending the session at $2,522. On Thursday, ETH managed to maintain its price above $2,500, increasing by 0.39% to close at $2,535. Unfortunately, buyers failed to keep ETH above $2,500 on Friday, causing it to close at $2,441 and experiencing a 3.73% decline. The weekend started bullishly as ETH gained 1.69% on Saturday to reach $2,482. Today’s session appears promising as buyers have regained momentum and pushed ETH back above $2,500, currently trading around the $2,500 level.
Solana (SOL) Price Analysis
Solana has been on a continued bull run after recovering from its day low of $147 on Thursday. SOL managed to gain nearly 3% on Friday, moving it beyond the 200-day SMA and settling at $154. Bullish sentiment continued Saturday, resulting in an over 3% gain to settle at $159. Another good 5% surge on Sunday allowed SOL to move above $160 to close the week at $167.
This week’s journey for SOL has been marked by intense fluctuations as investors aimed to surpass the $170 resistance level. On Monday, buyers made a bid to elevate SOL above $170 while sellers worked to pull the price below $160. The ensuing tug-of-war caused SOL to dip to a low of $161 and soar to a high of $171 before ending at $166. The volatile trend persisted on Tuesday, with both buyers and sellers vying for control. Eventually, the buyers managed to gain an edge and propelled SOL up by 0.80% to $167. On Wednesday, SOL finally breached the $170 level following a 1.96% surge that brought the price to $170.77. The momentum continued with buyers on Thursday, pushing SOL up by 3.65% to close at $177.16. However, sellers took charge on Friday, causing a steep 6.81% drop to $165. Buyers returned on Saturday, helping SOL rebound by 3.35% and reach $170. As of the current session, buyers remain in control, with SOL trading above $176.
Dogecoin (DOGE)
Dogecoin experienced a robust upward trend that seems to have temporarily halted. This popular meme-based cryptocurrency, leading the pack in market value, is attempting to break through the $0.150 barrier. Since last week’s start, Dogecoin has been on an uptrend, recovering from a low of $0.111. On Friday, it surpassed its 200-day Simple Moving Average (SMA) following a 6% rise that placed DOGE at $0.137. The bullish momentum persisted over the weekend, with DOGE gaining approximately 5% on Saturday and reaching above $0.140 to close at $0.144. However, on Sunday, sellers gained control, causing DOGE to drop to a daily low of $0.137 before recovering slightly to trade above $0.140, ending the day at $0.142.
Intense volatility on Monday saw buyers try to push DOGE above $0.150 while sellers wanted to drag it below $0.140. Buyers emerged victorious but failed to push DOGE above $0.150, closing the session at $0.143. Tuesday saw another volatile day as buyers again tried to push DOGE above $0.150 while sellers tried to drag it below $0.143. Sellers won control of this session and pushed DOGE down by 2.30% to settle at $0.140. On Wednesday, buyers were in control, resulting in a 0.3% increase to end the session at $0.140. Buyers maintained control on Thursday as DOGE gained 1.3% to settle at $0.141. DOGE took a severe knock on Friday as sellers overwhelmed the session, resulting in a massive 7.13% decline to $0.131. Buyers stepped in on Saturday, resulting in DOGE gaining 4.30% to $0.137. The current session sees DOGE up by nearly 5% and trades in the $0.140 range.
Polkadot (DOT) Price Analysis
Polkadot (DOT) experienced a steep drop in value over the past few days, undoing all the progress it had made the week prior. DOT fell to $4 on Friday but bounced back to trade between $4.10 and $4.12. Investors tried to push DOT above the critical $4.50 mark last week, ending at $4.57. Polkadot (DOT) began the week with a substantial 5% increase on Monday, reaching $4.37. A turbulent Tuesday saw DOT dip to a low of $4.30 and peak at $4.53 before settling at $4.41. However, buyers lost momentum after their victory on Tuesday. Under the control of sellers, DOT plummeted to $4.32. Seller pressure intensified on Thursday, causing DOT to slide by 3% and fall below its 20 and 50-day moving averages (SMAs) to close at $4.19. After a challenging few days that sent the cryptocurrency spiraling, DOT made a strong rebound on Friday, rising above its 20 and 50-day SMA again after a 2.63% increase. Bullish sentiment continued on Saturday as DOT increased by 2.84%, ending the day at $4.44. Buyers managed to break through the important $4.50 level on Sunday, with DOT reaching a high of $4.59 before dropping back to $4.57, resulting in a 3.30% increase.
Following a surge in buying activity over the weekend, momentum for DOT began to falter. On Monday, it plummeted by 4.38%, falling below the crucial $4.50 mark to close at $4.37. The following day presented a turbulent session as buyers and sellers battled for control, with DOT reaching a daily high of $4.43. However, sellers ultimately took charge, causing a 1.14% drop to $4.32. On Wednesday, selling pressure escalated, pushing the price down to $4.10. Despite this, DOT managed to recover and ended the session at $4.21. Thursday was another volatile day for DOT, with it reaching a low of $4.16 before showing a slight recovery. The cryptocurrency closed the session with a minor decrease of 0.17% at $4.20. Friday saw sellers in full control, leading to a significant decline of 4.88%, taking DOT down to a daily low of $3.9 and closing at $4.00. Saturday was relatively calm for DOT, but it briefly dipped below $4 to reach a low of $3.9 before recovering slightly to end the session at $4.03. The current trading session shows DOT rising by around 2%, with it being traded within the $4.10 range. While $4 serves as strong support for DOT, if sellers push the price below this level again, we may witness another drop to its long-term support at $3.62. The high demand for DOT at these lower levels encourages buyers to intervene. At present, DOT is experiencing a slight increase in its value.
Ripple (XRP) Price Analysis
After facing a significant drop in value throughout the week, Ripple is currently working to regain its footing. This decline caused XRP to trade below its moving averages. On Monday, XRP failed to surpass its 50-day Simple Moving Average (SMA), and ultimately, sellers pushed the price down, ending the day at $0.54. The selling pressure intensified on Tuesday, leading to a 2.24% drop, causing XRP to fall below both its 20-day SMA and 200-day SMAs. The selling pressure became even more intense on Wednesday, pulling XRP down to a daily low of $0.51. However, XRP managed to recover slightly and ended the day at $0.52, recording a decline of 1.39%.
Buyers stepped in on Thursday, pushing XRP up by 1.18% to close the session at $0.53. The bullish momentum Thursday was fleeting as sellers dragged XRP into the red. Intense selling pressure on Friday dragged XRP down by 5.58% to close the session at $0.50. XRP turned bullish on Saturday, resulting in a 2.20% increase. XRP closed the session at $0.51. The bullish sentiment carried into the current session as XRP made a marginal gain of 0.5% and is trading in the $0.51 range.
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2024-10-28 06:46