Bitcoin
BTC$42 435.30

-3.82%

Ethereum
ETH$2 898.43

-7.49%

Cardano
ADA$2.23

-0.57%

Tether
USDT$1.001440

0.09%

Binance Coin
BNB$352.49

-7.00%

XRP
XRP$0.932568

-6.42%

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 Nevertheless, according to Crystal Blockchain, in less than two days, assets of more than 45,000 BTC were withdrawn from the exchange.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 Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 86% 27 $42 435.30 -3.82% -10.67% $798 843 453 346 $41 875 933 869
2 Ethereum (ETH) ETH Ethereum predictions 74.8% 50 $2 898.43 -7.49% -16.63% $341 018 107 532 $25 119 846 328
3 Cardano (ADA) ADA Cardano predictions 64% 78 $2.23 -0.57% -6.34% $71 411 624 055 $5 734 484 720
4 Tether (USDT) USDT Tether predictions 96% 1 $1.001440 0.09% 0.11% $68 691 485 942 $92 416 325 974
5 Binance Coin (BNB) BNB Binance Coin predictions 60.8% 78 $352.49 -7.00% -14.45% $59 266 206 180 $2 064 251 017
6 XRP (XRP) XRP XRP predictions 75.2% 48 $0.932568 -6.42% -12.98% $43 567 385 538 $4 641 985 825
7 Solana (SOL) SOL Solana predictions 63.2% 83 $139.49 -5.82% -1.32% $41 467 489 552 $4 041 527 553
8 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $1.000761 0.07% 0.05% $30 432 510 822 $3 991 490 878
9 Polkadot (DOT) DOT Polkadot predictions 62.8% 74 $30.77 -2.94% -9.08% $30 391 187 124 $3 785 910 016
10 Dogecoin (DOGE) DOGE Dogecoin predictions 65.2% 78 $0.208918 -6.33% -14.44% $27 455 953 723 $2 219 973 271
11 Avalanche (AVAX) AVAX Avalanche predictions 63.2% 82 $73.45 -4.25% 12.05% $16 179 548 858 $2 391 193 014
12 Terra (LUNA) LUNA Terra predictions 68.8% 61 $34.85 -2.03% -0.58% $13 942 018 660 $2 307 928 114
13 Binance USD (BUSD) BUSD Binance USD predictions 95.6% 1 $1.000668 0.05% 0.05% $13 477 216 401 $6 991 450 944
14 UniSwap (UNI) UNI UniSwap predictions 65.2% 74 $19.64 -8.12% -20.80% $12 010 497 802 $461 226 982
15 Chainlink (LINK) LINK Chainlink predictions 68% 64 $22.80 -7.36% -19.93% $10 361 191 269 $1 641 630 892

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