Crypto Price Analysis 10-30 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, RIPPLE: XRP, INTERNET COMPUTER: ICP, CELESTIA: TIA

As a seasoned crypto trader with years of experience under my belt, I can see that these three cryptocurrencies – Dogecoin (DOGE), Ripple (XRP), Internet Computer (ICP), and Celestia (TIA) – have shown some interesting price movements over the past few days.

Today, Bitcoin (BTC) surpassed $73,000 earlier, reaching a high of $73,544 – a level not seen since posting its record high eight months back. This uptick in price comes amid heightened market optimism, the possibility of a Republican victory in the upcoming U.S. elections, and favorable technical signals. Analysts predict that Bitcoin could potentially set a new all-time high as soon as this week if current bullish trends continue.

As an analyst, I’ve observed that various alternative cryptocurrencies have significantly surged within the last 24 hours. Among them are Ethereum (ETH), Dogecoin (DOGE), Tron (TRX), Toncoin (TON), Cardano (ADA), Aptos (APT), Uniswap (UNI), and a host of others. Furthermore, the overall crypto market capitalization has experienced a notable uptick, increasing by 1.34% to reach approximately $2.43 trillion.

Speaking about market developments, ChangeNOW CMO Pauline Shangett stated,

As Bitcoin surpasses significant resistance points, there’s a strong possibility of reaching new record heights given the advantageous technical and political climate. However, it is essential to monitor the market’s reactions to any abrupt changes in sentiment, especially since Bitcoin nears psychological thresholds that have historically prompted corrections when reached.

Bitcoin (BTC) Soars As Markets Prepare For All-Time High

Today, Bitcoin (BTC) briefly soared over $73,000 before pulling back slightly to just below $72,500. Some crypto experts believe that BTC could reach a record high as soon as this week if its current trajectory persists. James Butterfill, chief researcher at CoinShares, suggests that the price fluctuations are largely driven by U.S. politics and the upcoming presidential elections.

According to renowned cryptocurrency analyst Michael van de Poppe, Bitcoin might establish a fresh record high within the upcoming week. The last occasion Bitcoin reached comparable values was back in March 2024, when it soared to a peak of $73,750.

In the early days of October, Bitcoin appears to be adjusting its value. This is typically the case during unemployment reporting weeks. However, we anticipate a reversal starting from the following week, making these temporary drops an opportunity for purchasing!

Other analysts like CryptoQuant CEO Ki Young Ju are observing an increase in institutional interest towards Bitcoin, citing the surge of 278,000 BTC into spot Bitcoin ETFs since their debut in January. Additionally, anticipation around Donald Trump potentially winning the upcoming U.S. elections has sparked speculation and driven up BTC’s price. Trump’s pro-crypto regulatory stance appeals to crypto supporters, but even if Kamala Harris wins, it is expected that cryptocurrency will still gain from her commitment to establishing a clear regulatory framework for digital assets.

Crypto Markets Turn Bullish

In the last 24 hours, most significant cryptocurrencies have seen gains, with Bitcoin breaking through $73,000 and pushing the overall crypto market capitalization to an impressive $2.45 trillion. At the moment of writing, Bitcoin is hovering slightly below $72,500, but analysts anticipate that its bullish momentum could push prices to a new record high. As per Matthew Sigel, head of digital assets at VanEck, the current market conditions are particularly favorable for Bitcoin due to various political and economic factors. If Bitcoin does reach a new peak, some analysts speculate a brief dip as investors cash out their profits. However, there is near-unanimous agreement among analysts that the market will stay bullish in the upcoming months.

As a researcher, I’ve observed an upward surge in market sentiment that’s catapulted Ethereum (ETH) beyond the $2,600 mark and Solana (SOL) above the $180 threshold. Notably, meme coins such as Dogecoin (DOGE) and Dogewhats (WIF) have also experienced significant growth.

South Korean Crypto-Related Stocks Soar

Cryptocurrency stocks based in South Korea experienced a surge as Bitcoin (BTC) broke through $73,000, with investors expressing optimism that the cryptocurrency will reach another record high. The stocks involved include Woori Technology and Hanwha Investment & Securities, companies that hold shares in Dunamu, which manages Upbit. Specifically, Woori Technology saw a rise of more than 14% in its stock price, while Hanwha Investment and Securities ended the trading day with a gain of 7.53%.

Woori Technology represents a venture capital company, focusing on various technology-driven financial services and blockchain ventures. On the other hand, Hanwha Investment and Securities serves as a subsidiary within the vast Hanwha Group, one of South Korea’s largest business conglomerates.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) soared above $73,000 to reach a high of $73,512, a level not seen since it established its record high in March 2024. This surge was driven by broader economic and political factors. Moreover, significant Bitcoin investors, often referred to as ‘whales’, have been actively purchasing large amounts of BTC on Binance. The market’s optimism was further fueled by a technical indicator known as the golden cross between the 50-day Simple Moving Average (SMA) and the 200-day SMA. A golden cross occurs when a short-term moving average surpasses a long-term moving average, which is typically followed by a substantial price increase. Over the past few months, Bitcoin had been trading between $55,000 and $65,000 before this recent spike.

According to Stephen Wundke, who is in charge of Strategy & Revenue at digital asset investment firm Algoz, Bitcoin could potentially reach $75,000 before the US elections. After a slight drop, it might then climb up to between $85,000 and $90,000 by Christmas.

Here’s an important fact to keep in mind: Bitcoin (BTC) has a total supply of just 21 million units, and right now, less than 12% of the global population owns a digital wallet. This means that the number of available Bitcoins is limited, so it might become more scarce over time.

Over the weekend, Bitcoin (BTC) bounced back strongly from its significant drop in the final days of the previous week. On Wednesday, BTC hit a low of $65,234 but rebounded to reach $68,167 on Thursday, marking an increase of 2.28%. However, pessimism resurfaced on Friday, causing Bitcoin to decrease by nearly 2% and falling to a low of $65,660. It then climbed back above $66,000 and ended the day at $66,816.

Over the weekend, the market’s overall feeling shifted, leading to a slight growth in Bitcoin (BTC) on Saturday, reaching $67,154 after a 0.51% rise. On Sunday, the price climbed further by 1.22%, ending at $67,972. The bullish outlook strengthened on Monday as BTC surpassed $69,000, marking a 2.63% increase to close at $69,761. This optimistic trend was bolstered by a ‘golden cross’ formation in the price chart.

On Tuesday, Bitcoin soared past $70,000, reaching $73,512 and nearly breaking its record peak. Yet, it dipped slightly after surpassing $73,000, falling to $72,627 for a 4% increase overall. Today’s session shows Bitcoin experiencing a minor correction as the RSI indicates an overbought market, causing some investors to cash out their profits. Nevertheless, bullish sentiment remains strong, and analysts anticipate that Bitcoin might reach a new all-time high after the US elections, possibly surpassing $75,000. The MACD signal is also positive, reflecting growing investor optimism.

Ethereum (ETH) Price Analysis

After experiencing a tough month, Ethereum (ETH) has bounced back strongly, recovering from a low of $2,386 at the end of last week. This resurgence has been accompanied by increased activity on exchanges, with a reported withdrawal of $750 million in ETH and a surge in trading volume. These movements suggest renewed interest from investors. Interestingly, data from CryptoQuant shows that Ethereum reserves have seen a significant reduction, with over $4 billion worth of ETH being removed, with $750 million of this happening within the last week. Analysts attribute the sudden surge in investor attention to Ethereum’s renewed emphasis on scalability, as co-founder Vitalik Buterin recently announced plans for an upgrade aimed at enhancing scalability, simplifying data storage, and reducing protocol complexity. Additionally, Ethereum is planning a future update that will enable nodes to run on everyday devices.

Let’s examine the price chart for Ethereum (ETH). On Wednesday, ETH experienced a significant drop that caused it to fall below its 20-day Simple Moving Average (SMA). However, buyers made an effort to recover on Thursday, but they were not successful. The bearish mood intensified on Friday as ETH declined by nearly 4%, going under the 50-day SMA and settling at $2,438. It had previously reached a low of $2,386 during the day. The price climbed back up over the weekend, rising by 1.71% on Saturday to reach $2,480. On Sunday, ETH continued its upward trend, surpassing $2,500 and ending at $2,505 following an increase of 1.04%.

On Monday, optimism around ETH grew as it surpassed both its 20-day and 50-day Simple Moving Averages, following a 2.43% rise that ended at $2,566. On Tuesday, the price climbed nearly 3%, reaching $2,637. Buyers even tried to push ETH above $2,700 on Tuesday, but failed, peaking at $2,680 before losing steam. As of now, ETH has gained 0.76% in the current session, with buyers aiming for a break above $2,700. Yet, sellers are actively working to regain control and push the price below $2,600.

Could Ethereum’s recent surge sustain its momentum? Some technical signals suggest an upcoming breakout from a prolonged downtrend. Although it has shown a substantial growth recently, the Relative Strength Index (RSI) still lies below the overbought threshold, suggesting that Ethereum may continue climbing before a potential reversal. Additionally, the Moving Average Convergence Divergence (MACD) has turned bullish, implying that buyers are taking control. If Ethereum manages to breach the $2,700 mark, it could potentially reach the vital $2,850 level by year-end.

Solana (SOL) Price Analysis

On Tuesday, Solana (SOL) momentarily rose above $180 as markets gained momentum, but it failed to maintain that level and subsequently dropped following a peak of $183. Looking at the price chart, Solana displayed bullish tendencies last week, reaching an intra-day high of $170 on Thursday. However, it didn’t go any higher and experienced a significant decline of nearly 7% on Friday, touching a low of $159 before closing at $164. Sellers attempted to drive Solana downward on Saturday, but buyers offset the selling pressure, preventing a drop. Consequently, Solana increased by 3.60% and ended at $170. The buyers continued to push Solana higher on Sunday, causing an increase of 3.42%, closing the day at $176, wrapping up the weekend in a favorable manner.

On Monday, SOL experienced significant price fluctuations due to sellers trying to dip it below $170. However, as buying interest grew in lower regions, SOL rebounded and climbed by 0.96% to close at $178. On Tuesday, buyers aimed to push SOL above $180, reaching an intraday high of $183. Yet, the upward momentum faltered as selling pressure took over, causing SOL to fall below $180 and only slightly increase to end the day at $179. In the current session, buyers and sellers are vying for control, with SOL showing a minimal decrease.

Should purchasers reclaim dominance, there’s a possibility that SOL might try to surge beyond $180 once more. Conversely, if sellers continue to hold sway, SOL may dip down towards $170.

Dogecoin (DOGE) Price Analysis

During the current trading period, Dogecoin (DOGE) has turned red again following a remarkable surge that surpassed the resistance level of $0.150, a barrier it had previously found difficult to breach. Over the past week, DOGE experienced significant selling pressure, dipping to a low of $0.127 on Friday, falling below a crucial support level. However, it recovered on Saturday, recording a 3.64% increase and reaching $0.136. The momentum continued in buyers’ favor on Sunday, causing DOGE to rise by more than 5%, closing the week at $0.144 with an optimistic finish.

On Monday, optimism around cryptocurrencies grew significantly, causing overall market gains. This boost propelled Dogecoin (DOGE) by approximately 12%, surpassing the barrier at $0.150 and ending the day at $0.160. The bullish trend continued on Tuesday as DOGE peaked at an intraday high of $0.179 before closing at $0.175, marking a 9.32% rise. However, during the current trading session, Dogecoin is showing a loss as sellers aim to drive its price below $0.170.

Ripple (XRP) Price Analysis

The progress of Ripple (XRP) has halted since it couldn’t surpass its 20-day Simple Moving Average, resulting in a loss of momentum and a slide into negative territory during this current trading period. Despite plunging to a low of $0.48 on Friday and subsequently dropping by nearly 6% to $0.50, XRP showed resilience over the weekend. It managed to bounce back, increasing by 2.35% on Saturday and another 0.58% on Sunday, finishing the weekend with a slight gain of $0.51.

On Monday, sellers made an effort to drop XRP below $0.50 due to heightened volatility, but buyers managed to halt the descent. As a result, XRP experienced a growth of 0.46%. The buying interest intensified on Tuesday, leading to a 1.72% surge in XRP and ending the day at $0.52. Despite a robust rebound over the weekend, XRP remains in negative territory, struggling to surpass its 20-day and 200-day Simple Moving Averages (SMAs), with the value decreasing nearly 1%.

Internet Computer (ICP) Price Analysis

Internet Computer (ICP) is attempting to surpass its 50-day Simple Moving Average (SMA) and the $8.50 mark as it recuperates following a nearly 7% decline on Friday. This recent drop occurred because ICP couldn’t exceed its 50-day SMA on Thursday, leading sellers to dominate on Friday, causing the price to fall below the 20-day SMA to $7.70. ICP also reached a daily low of $7.43 but rebounded due to robust underlying demand. Despite significant market fluctuations on Saturday, ICP saw a slight rise and moved up to $7.72. Buyers maintained control on Sunday, causing ICP to increase by almost 1% to $7.79.

Despite a promising weekend, ICP experienced significant selling pressure on Monday, causing its price to dip to a daily low of $7.60. Nevertheless, a robust undercurrent of demand helped the price rebound slightly, reaching $7.80 by the end of the day. On Tuesday, ICP soared above $8 after recording a nearly 4% increase and surpassing its 20-day Simple Moving Average (SMA), closing at $8.11. However, during the current trading session, it has slipped back into negative territory as it failed to break through the 50-day SMA. Currently, ICP is down by 0.50%, with buyers finding it challenging to keep its price above the 20-day SMA and $8.

Celestia (TIA) Price Analysis

On Friday, Celestia (TIA) experienced a significant decrease of 13.42%, dipping below a crucial support level and falling beneath both the 20 and 50-day Simple Moving Averages (SMAs). A potential recovery was seen on Saturday as TIA grew by 1.58% to reach $5.38, but it failed to surpass the 50-day SMA, resulting in a decline of nearly 5% and settling at $5.12 on Sunday. The market trend for TIA remained bearish on Monday as sellers aimed to push the price below $5, causing a low of $4.76 during the day before a slight recovery. By the end of Monday, TIA had closed at $5.08 after a minor decrease of 0.78%.

On Tuesday, TIA experienced a 3.67% improvement and closed at $5.27. Although it showed significant progress, it failed to surpass its 50-day Simple Moving Average. Unfortunately, in the current trading session, TIA has dipped again, currently losing 4.58%, as buyers find it challenging to maintain its price above $5.

2024-10-30 13:09