Bitcoin
BTC$76 855.36

0.30%

Ethereum
ETH$2 959.53

2.70%

Tether
USDT$1.000839

0.02%

Solana
SOL$199.95

1.51%

Binance Coin
BNB$596.37

-0.57%

USD Coin
USDC$0.999849

0.01%

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

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