Experienced analyst of financial markets, Forex and cryptocurrencies.
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.
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.
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%.
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?
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".
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.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 80% | 31 | $76 855.36 | 0.30% | 11.20% | $1 520 163 571 576 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 86.4% | 26 | $2 959.53 | 2.70% | 18.01% | $356 386 551 296 | ||
3 | USDT | Tether predictions | 96% | 1 | $1.000839 | 0.02% | 0.13% | $122 056 019 428 | ||
4 | SOL | Solana predictions | 75.2% | 54 | $199.95 | 1.51% | 20.42% | $94 288 358 321 | ||
5 | BNB | Binance Coin predictions | 90.8% | 5 | $596.37 | -0.57% | 4.41% | $85 936 211 907 | ||
6 | USDC | USD Coin predictions | 95.6% | 1 | $0.999849 | 0.01% | -0.01% | $36 926 776 550 | ||
7 | XRP | XRP predictions | 91.6% | 12 | $0.549051 | -0.98% | 6.86% | $31 223 812 656 | ||
8 | DOGE | Dogecoin predictions | 68.4% | 65 | $0.196451 | 0.26% | 22.44% | $28 821 187 554 | ||
9 | ADA | Cardano predictions | 90% | 14 | $0.446147 | 13.52% | 25.31% | $15 616 474 967 | ||
10 | TRX | TRON predictions | 90.4% | 2 | $0.161088 | 0.28% | -3.52% | $13 921 660 516 | ||
11 | TON | Toncoin predictions | 84% | 20 | $4.90 | -0.53% | -0.21% | $12 479 145 326 | ||
12 | AVAX | Avalanche predictions | 75.2% | 44 | $28.26 | 2.65% | 13.91% | $11 507 426 483 | ||
13 | SHIB | SHIBA INU predictions | 56.4% | 94 | $0.000019 | -1.20% | 7.77% | $11 090 826 998 | ||
14 | STETH | Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
15 | WTRX | Wrapped TRON predictions | 96% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |
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