Bitcoin has grown in the last 24 hours by 1% and traded around $10,700, a slight change since October 1st. It should be noted that trading volumes were above average in recent days, however, Bitcoin has now convinced market participants that even $11K is a very difficult level of resistance.
Several events had the potential to put considerable pressure on Bitcoin and cryptocurrencies in general. Firstly, are the CFTC claims to the BitMEX exchange. After the arrest and lawsuit, participants of the crypto market feared that massive volumes of coins would get stuck on the exchange. Nevertheless, according to Crystal Blockchain, in less than two days, assets of more than 45,000 BTC were withdrawn from the exchange.
This was great news, as the very fact of the possibility of withdrawal calmed down market participants. Moreover, the asset did not change hands but simply moved to other major crypto exchanges. Bitcoins from BitMEX were distributed between Gemini, Binance, OKEx, and Huobi.
The second important factor of influence is the stock market currently pegged to the health of the U.S. president. Initially, the news caused a shock wave but now the market is recovering and if there are no further negative updates, we will see a bounce in all affected assets. Bitcoin is also under the influence of investors, as a risky position, but in this case, the news around BitMEX had a greater impact.
Bitcoin closed September with a decline of 8%, which adversely affected the revenue of the miners. According to Coin Metrics, compared to August, they declined by 11%. This is unlikely to force the miners to sell, as the scenario where we will see coin sales and ASIC miners being switched off can only happen if Bitcoin collapses to $5K-$6K and the coin is not redeemed for a long time. Although Bitcoin has been declining, the Block’s analysis showed that September was the second record month for confirmed bitcoin spot trading volumes in 2020, recording $169 billion.
Within the TOP-10 coins, it is worth noting the price dynamics of XRP. The coin has been growing by 6% per day and is traded at around $0.25. XRP rarely pleases its holders with growth, but forecasts from major analysts, including Credible Crypto, about a probable increase of the coin to $20-30 within the next bullish cycle could become an impulse to buy. It is difficult to imagine XRP’s capitalization being more than a trillion dollars because the value of all bitcoins is now below $200 billion.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||71.2%||55||$42 499.74||-1.69%||3.90%||$804 612 153 299|
|2||ETH||Ethereum predictions||67.2%||67||$3 240.18||-3.24%||7.66%||$386 221 666 258|
|3||BNB||Binance Coin predictions||71.2%||55||$471.64||-5.87%||13.52%||$78 669 453 462|
|4||USDT||Tether predictions||93.6%||1||$1.000291||-0.01%||0.01%||$78 422 379 350|
|5||ADA||Cardano predictions||74.8%||53||$1.48||4.97%||33.24%||$49 641 760 562|
|6||USDC||USD Coin predictions||92.8%||1||$0.999982||0.02%||-0.02%||$45 408 574 979|
|7||SOL||Solana predictions||60.4%||78||$142.41||-5.01%||7.28%||$44 738 935 131|
|8||XRP||XRP predictions||71.2%||58||$0.760679||-2.17%||5.13%||$36 256 323 649|
|9||LUNA||Terra predictions||71.6%||59||$80.99||-5.64%||18.07%||$29 003 031 725|
|10||DOT||Polkadot predictions||75.6%||53||$26.06||-6.24%||12.03%||$25 733 903 487|
|11||DOGE||Dogecoin predictions||75.2%||46||$0.168009||-5.80%||17.84%||$22 289 819 399|
|12||AVAX||Avalanche predictions||65.6%||76||$88.17||-6.02%||6.34%||$21 545 510 909|
|13||MATIC||Polygon predictions||70.8%||54||$2.27||-2.65%||14.59%||$16 595 998 407|
|14||SHIB||SHIBA INU predictions||72.8%||59||$0.000029||-5.71%||7.80%||$15 821 241 817|
|15||BUSD||Binance USD predictions||94%||1||$1.000713||0.14%||-0.01%||$14 457 507 802|
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