Bitcoin
BTC$29 797.50

1.78%

Ethereum
ETH$1 976.21

0.56%

Tether
USDT$0.998942

-0.01%

Binance Coin
BNB$332.54

3.65%

USD Coin
USDC$1.000323

0.04%

XRP
XRP$0.402609

-1.06%

Bitcoin is stronger than stocks, enjoying purchases at a bargain price


30 Oct 2020

#Bitcoin

Bitcoin’s first attempt in three years to overcome $14K failed. Sellers intensified as the first cryptocurrency approached $13,800 due to the storm on the European and U.S. stock markets. However, the larger the Bitcoin correction, the more impressive the rebound could be, as there is a clear demand for discounts.

Despite a 4% decline overnight, Bitcoin is growing by 3% over the week. The Bitcoin dominance index has also increased by more than a percentage point over the week. Thus, investors are responding to a series of positive news about investments in Bitcoin by large companies in the traditional sector. The latest was the news about $300 million investment in Bitcoin from BlockFi, which was made through Grayscale.

At the moment, market participants are expecting the upcoming expiration of $450 million in Bitcoin options on Friday. According to CoinTelegraph, the bull to bear ratio is currently 3:1. Nevertheless, the potential increase in volatility may provoke increased pressure from the least optimistic investors. If the positive news background outweighs this and Bitcoin closes the week and month near $14K, it will clear the path to $20K.

The positive scenario is also supported by the Grayscale survey, the results of which showed that 55% of interviewed U.S. investors are interested in buying Bitcoin this year. This is 19% higher than a year ago.

The two-trillion dollar support package currently under discussion is capable of reviving demand not only in the stock market but also in cryptocurrencies, which proved to be a very profitable source of diversification of savings in 2020. As the popularity of Bitcoin grows, so does the cost of transactions. Recently one of the largest transactions worth $1.3 billion was recorded in the network (94.5K BTC) with a fee of only $3.5. However, as interest and trading volume grows, transaction fees increased on average from $3.5 to $10. Despite this, Ethereum (ETH) miners still earn more with stablecoins and DeFi.

According to Messari, as of October 25, ETH miners earned $1.74 million per day, while BTC miners earned $1.54 million. Although commissions are increasing, they still cause slight confusion, as they are infinitely more profitable for users in terms of commission levels and transaction speeds in the banking sector.

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 61.2% 89 $29 797.50 1.78% -0.41% $567 609 015 596 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60% 88 $1 976.21 0.56% -2.84% $238 954 464 492 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.998942 -0.01% 0% $73 197 575 085 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 58% 85 $332.54 3.65% 10.37% $54 295 589 528 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000323 0.04% 0.02% $53 422 966 109 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 58.4% 91 $0.402609 -1.06% -6.04% $19 463 373 242 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000280 0.05% 0.01% $18 311 484 205 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 56.4% 92 $0.518492 1.08% -7.75% $17 493 413 044 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 56.8% 92 $49.18 0.18% -9.36% $16 686 805 636 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 56% 88 $0.083335 0.30% -6.22% $11 056 071 504 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 59.6% 92 $10.05 2.61% -3.60% $9 928 054 647 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 60.4% 89 $29 763.34 1.86% -0.45% $8 214 769 231 WBTC 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 60.4% 91 $28.63 -0.23% -13.98% $7 753 109 952 AVAX 7 days price change
14 TRON (TRX) TRX TRON predictions 73.6% 57 $0.080951 0.80% 12.50% $7 660 741 401 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 94.4% 1 $1.000068 0.05% -0.04% $6 575 909 240 DAI 7 days price change

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