Bitcoin
BTC$64 269.87

-0.62%

Ethereum
ETH$3 393.79

-1.07%

Tether
USDT$1.000042

-0.04%

Binance Coin
BNB$569.04

-0.67%

Solana
SOL$155.96

-2.53%

XRP
XRP$0.635451

10.18%

Crypto Market Experiences Surge in Power


Suresh Sardar
Suresh Sardar

Experienced analyst of financial markets, Forex and cryptocurrencies.

#Bitcoin

The cryptocurrency market is currently witnessing a substantial upswing, with its market capitalisation increasing over 2.7% in the last 24 hours to exceed $1.11 trillion, marking the highest level since mid-August. This has predominantly been influenced by Bitcoin’s resilient performance, maintaining a position above its 50-day moving average over the weekend. The powerful momentum was initiated on the 28th of September, with BTCUSD experiencing a surge of over $1000, marking a 4% gain and reaching a 7-week high at $28.3K.

Evaluating Market Dynamics and Future Projections

Despite the upward momentum observed towards the end of last week, there are indications that the intraday rally may be extending its bounds. Following a persistent march, Bitcoin’s price aligned with the 200-day moving average, which holds substantial technical and psychological significance, currently positioned at $28K. This situation potentially harbours the risk of a reversal akin to the one observed on August 29, shifting the market dynamics to the downside. However, this remains a speculative risk, not a principal scenario.

This has predominantly been influenced by Bitcoin’s resilient performance, maintaining a position above its 50-day moving average over the weekend

Bitcoin contradicted the habitual seasonal trend by concluding September with a 4.1% increase at $27.1K. This came as an unexpected development in a climate marked by a strengthening dollar and a diminishing S&P 500. Historically, over the past 12 years, Bitcoin has concluded October on a high note on eight distinct occasions, with an average gain amounting to 29.6% and an average loss settled at 15.2%.

The Solana Phenomenon

Solana has experienced a notable 30% increment, continuously rallying for five consecutive days and achieving its zenith since August 15th. It successfully surpassed the 50 and 200-day averages over the weekend and maintained its ascending trajectory. This prompts a critical contemplation; if Bitcoin is reverberating as an indicator of risk sentiment across global markets, is Solana emerging as a precursor for Bitcoin’s movements?

Solana has experienced a notable 30% increment, continuously rallying for five consecutive days

New Developments in the Crypto Sphere

In the backdrop of these market movements, asset management mogul VanEck has unveiled the inception of the Ethereum Strategy ETF. This actively managed ETF will fundamentally hinge on CFTC-regulated Ethereum-based settlement futures, bearing a resemblance to the firm’s impending product, the Bitcoin Strategy ETF (XBTF), slated for launch in November 2021.

Furthermore, a new player, CommEX, has made its foray into the crypto exchange domain, driven by a team comprising former Binance personnel, instrumental in the platform’s developmental phases. However, in an open letter, CommEX opted for discretion regarding the beneficiaries, citing their preference to "remain undisclosed persons".

Final Thoughts

The prevailing trends and developments underscore a period of substantial growth and dynamism within the crypto market, with established entities like Bitcoin and emerging ones like Solana, demonstrating pivotal movements. Concurrently, the advent of new investment instruments and exchange platforms is indicative of the market’s evolving landscape, opening avenues for diversified investment strategies and enhanced market participation. While the market’s trajectory seems promising, cautious optimism and vigilance remain paramount in navigating the ever-fluid crypto ecosystem.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 78% 41 $64 269.87 -0.62% 11.37% $1 267 857 116 778 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74.4% 47 $3 393.79 -1.07% 9.47% $408 005 838 518 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000042 -0.04% 0.02% $113 229 258 064 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 76.8% 42 $569.04 -0.67% 8.71% $83 979 705 168 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 78% 34 $155.96 -2.53% 10.18% $72 390 604 669 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 76.8% 40 $0.635451 10.18% 44.97% $35 527 732 785 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $0.999961 -0.02% 0.01% $33 783 453 421 USDC 7 days price change
8 Toncoin (TON) TON Toncoin predictions 87.2% 14 $7.13 -2.10% -1.71% $17 898 355 821 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 70.4% 53 $0.121897 -1.78% 13.21% $17 694 301 224 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 81.2% 37 $0.439424 0.62% 14.07% $15 770 897 145 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 79.2% 42 $0.133871 -0.13% 1.94% $11 660 708 604 TRX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 80.4% 34 $0.000019 -3.07% 13.98% $10 993 910 614 SHIB 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 76% 38 $27.36 -2.26% 6.28% $10 798 599 488 AVAX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 90.8% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

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