Bitcoin
BTC$42 499.74

-1.69%

Ethereum
ETH$3 240.18

-3.24%

Binance Coin
BNB$471.64

-5.87%

Tether
USDT$1.000291

-0.01%

Cardano
ADA$1.48

4.97%

USD Coin
USDC$0.999982

0.02%

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 Nevertheless, according to Crystal Blockchain, in less than two days, assets of more than 45,000 BTC were withdrawn from the exchange.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 71.2% 55 $42 499.74 -1.69% 3.90% $804 612 153 299 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 67.2% 67 $3 240.18 -3.24% 7.66% $386 221 666 258 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.2% 55 $471.64 -5.87% 13.52% $78 669 453 462 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000291 -0.01% 0.01% $78 422 379 350 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 74.8% 53 $1.48 4.97% 33.24% $49 641 760 562 ADA 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999982 0.02% -0.02% $45 408 574 979 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 60.4% 78 $142.41 -5.01% 7.28% $44 738 935 131 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 71.2% 58 $0.760679 -2.17% 5.13% $36 256 323 649 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 71.6% 59 $80.99 -5.64% 18.07% $29 003 031 725 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 75.6% 53 $26.06 -6.24% 12.03% $25 733 903 487 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 75.2% 46 $0.168009 -5.80% 17.84% $22 289 819 399 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 65.6% 76 $88.17 -6.02% 6.34% $21 545 510 909 AVAX 7 days price change
13 Polygon (MATIC) MATIC Polygon predictions 70.8% 54 $2.27 -2.65% 14.59% $16 595 998 407 MATIC 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 72.8% 59 $0.000029 -5.71% 7.80% $15 821 241 817 SHIB 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 94% 1 $1.000713 0.14% -0.01% $14 457 507 802 BUSD 7 days price change

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