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 Nevertheless, according to Crystal Blockchain, in less than two days, assets of more than 45,000 BTC were withdrawn from the exchange.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||56.8%||93||$19 241.67||-5.61%||-9.67%||$367 181 795 784|
|2||ETH||Ethereum predictions||58.4%||92||$1 059.15||-3.18%||-13.28%||$128 553 316 172|
|3||USDT||Tether predictions||93.2%||1||$0.998955||0%||-0.04%||$66 163 024 576|
|4||USDC||USD Coin predictions||93.2%||1||$1.000391||-0.02%||0.04%||$55 824 445 752|
|5||BNB||Binance Coin predictions||60.8%||83||$215.34||-4.45%||-10.63%||$35 160 747 810|
|6||BUSD||Binance USD predictions||91.6%||1||$1.000088||0.10%||0.04%||$17 548 760 052|
|7||ADA||Cardano predictions||61.6%||77||$0.450635||-3.60%||-10.37%||$15 210 103 811|
|8||XRP||XRP predictions||66.4%||69||$0.312867||-5.44%||-15.56%||$15 124 962 063|
|9||SOL||Solana predictions||66%||76||$32.75||-6.27%||-22.31%||$11 242 411 042|
|10||DOGE||Dogecoin predictions||65.6%||71||$0.067391||-0.30%||-0.20%||$8 940 786 353|
|11||DAI||Dai predictions||93.6%||1||$0.999784||-0.09%||-0.03%||$6 859 368 442|
|12||DOT||Polkadot predictions||68.4%||67||$6.72||-5.60%||-18.62%||$6 637 336 409|
|13||TRX||TRON predictions||58.8%||88||$0.065207||-0.60%||-1.36%||$6 030 956 222|
|14||LEO||UNUS SED LEO predictions||69.6%||60||$5.77||-0.04%||-1.82%||$5 499 921 297|
|15||SHIB||SHIBA INU predictions||66.8%||66||$0.000010||-3.90%||-8.85%||$5 489 974 219|
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