Bitcoin
BTC$19 241.67

-5.61%

Ethereum
ETH$1 059.15

-3.18%

Tether
USDT$0.998955

0%

USD Coin
USDC$1.000391

-0.02%

Binance Coin
BNB$215.34

-4.45%

Binance USD
BUSD$1.000088

0.10%

Bitcoin attracts traders but does not increase much


05 Oct 2020

#Bitcoin

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 Nevertheless, according to Crystal Blockchain, in less than two days, assets of more than 45,000 BTC were withdrawn from the exchange.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.

Source


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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 56.8% 93 $19 241.67 -5.61% -9.67% $367 181 795 784 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 58.4% 92 $1 059.15 -3.18% -13.28% $128 553 316 172 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $0.998955 0% -0.04% $66 163 024 576 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $1.000391 -0.02% 0.04% $55 824 445 752 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 60.8% 83 $215.34 -4.45% -10.63% $35 160 747 810 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000088 0.10% 0.04% $17 548 760 052 BUSD 7 days price change
7 Cardano (ADA) ADA Cardano predictions 61.6% 77 $0.450635 -3.60% -10.37% $15 210 103 811 ADA 7 days price change
8 XRP (XRP) XRP XRP predictions 66.4% 69 $0.312867 -5.44% -15.56% $15 124 962 063 XRP 7 days price change
9 Solana (SOL) SOL Solana predictions 66% 76 $32.75 -6.27% -22.31% $11 242 411 042 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 65.6% 71 $0.067391 -0.30% -0.20% $8 940 786 353 DOGE 7 days price change
11 Dai (DAI) DAI Dai predictions 93.6% 1 $0.999784 -0.09% -0.03% $6 859 368 442 DAI 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 68.4% 67 $6.72 -5.60% -18.62% $6 637 336 409 DOT 7 days price change
13 TRON (TRX) TRX TRON predictions 58.8% 88 $0.065207 -0.60% -1.36% $6 030 956 222 TRX 7 days price change
14 UNUS SED LEO (LEO) LEO UNUS SED LEO predictions 69.6% 60 $5.77 -0.04% -1.82% $5 499 921 297 LEO 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 66.8% 66 $0.000010 -3.90% -8.85% $5 489 974 219 SHIB 7 days price change

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