Bitcoin
BTC$49 653.41

-1.04%

Ethereum
ETH$4 371.46

1.74%

Binance Coin
BNB$602.61

6.15%

Tether
USDT$1.001029

0.01%

Solana
SOL$189.68

1.51%

Cardano
ADA$1.37

1.42%

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 74.4% 48 $49 653.41 -1.04% -11.92% $938 231 285 210 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 77.2% 39 $4 371.46 1.74% -2.81% $518 726 908 591 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 78.4% 35 $602.61 6.15% -1.70% $100 516 630 091 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 93.6% 1 $1.001029 0.01% 0.07% $76 404 874 493 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 70% 61 $189.68 1.51% -15.46% $58 298 771 519 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 65.2% 77 $1.37 1.42% -10.77% $45 766 334 793 ADA 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.4% 2 $1.001815 0.22% 0.32% $41 115 117 851 USDC 7 days price change
8 XRP (XRP) XRP XRP predictions 68.8% 65 $0.847842 5.03% -12.53% $40 058 264 442 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 64% 75 $75.43 12.62% 19.06% $28 728 578 546 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 68.4% 70 $28.89 0.14% -17.80% $28 535 305 964 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 66.4% 65 $0.177346 0.37% -13.13% $23 487 786 636 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 63.6% 77 $94.12 7.54% -19.09% $22 852 451 871 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62.4% 79 $0.000036 0.19% -13.18% $20 008 775 732 SHIB 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 63.2% 70 $2.34 4.62% 13.05% $16 582 834 795 MATIC 7 days price change
15 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 65.2% 78 $0.607936 -0.59% -14.02% $15 358 289 057 CRO 7 days price change

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