Weekly Cryptocurrency Update (Oct 23 – 30) – Top 5 Cryptocurrency Coins to Watch
Arslan Butt • 5 min read
Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)
The BTC/USD coin pair maintained its long upward rally of the previous session, remaining well bid near the $60,000 level. The price of Bitcoin has risen above $60,000 versus the US dollar. BTC is still on the way up, and it may try to break through the $62,000 resistance level. The price even managed to climb above $60,500 and the 100 hourly simple moving average. There was also a break above the 50% Fib retracement level of the key decline, from the upswing to $63,700 to the low of $58,140. Bitcoin is now facing resistance near the $61,650 and $61,800 levels. On the hourly chart of the BTC/USD pair, a major bearish trend line is forming, with resistance near $61,650. Bitcoin is also facing difficulties near the $62,000 mark.
On the downside, the BTC may begin a new downward trend if Bitcoin fails to break over the $62,000 barrier. To the downside, a station near $61,000 is providing immediate support. The first significant support is now forming near the $60,500 level. A break below the $60,500 support might put a lot of pressure on the bulls in the short term. The next significant support is near the $60,000 level, below which further losses are possible, which could cause the price to drop to $58,500.
The reason for Bitcoin’s upward rally, on the other hand, could be related to recent reports indicating that the impacts of China’s mining ban are beginning to fade. It looks like Bitcoin has finally recovered from the impact of China’s mining restrictions, which saw its hash rate drop by up to 50% earlier this year. According to data from Blockchain.com, the network hash rate has now rebounded to the level we saw in May, before China’s decision to put an end to the crypto mining business.
As leading cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH), teeter at record price levels, fund managers appear to be scrambling to meet investor demand. According to a Bloomberg Terminal snapshot captured by Bloomberg Intelligence analyst James Seyffart, over 40 Bitcoin exchange-traded funds, or ETFs, are currently awaiting listing in the United States. The source claims that the Securities Exchange Commission has already approved four, the most famous of which is the Ark 21Shares Bitcoin ETF, which was formed in a collaboration with 21 Shares and ARK Invest. As a result, good developments are having a beneficial impact on BTC prices.
Elsewhere, the buying bias surrounding the dollar was seen as the key factor that kept a lid on any further gains in the BTC/USD pair. The US Dollar Index, which compares the US currency to a basket of other currencies, has increased by 0.07 percent, to 93.388.
Weekly Cryptocurrency Summary – Ethereum (ETH/USD)
On Friday, Ethereum was trading at $4,332.71, and up by 10.61% on the day. This was the most significant percentage rise in a single day since September 22. The ETH/USD coin gained pace versus the US dollar, above the $4,400 resistance zone. Due to the latest upward movement, Ethereum’s market cap increased to $507.43 billion, which translates to 19.59 percent of the overall cryptocurrency market cap.
Ethereum’s market capitalization peaked at 505.30 billion dollars. ETH traded in a range between $4,268.21 and $4,333.51 in the previous twenty-four hours. Over the last seven days, the value of Ethereum has increased by 4.28 percent. Ethereum traded for $26.18 billion in the twenty-four hours leading up to the writing of this article, accounting for 14.96 percent of the total volume of all cryptocurrencies. In the last week, it has traded in a range between $3,896.3281 and $4,333.5083.
Ethereum released its Altair upgrade on October 27, bringing it one step closer to the Ethereum 2 migration. Altair is a ‘warm-up upgrade’ for Ethereum 2.0 merging, that provides solutions on the Beacon chain. Several Ethereum investors have expressed their optimism about the planned merger of the network. The news also provided some support for the ETH price.
Another important factor that kept the ETH/USD prices higher was the buying bias surrounding the world’s largest crypto, Bitcoin. The price of Bitcoin has risen above $60,000 versus the US dollar, and we could see BTC attempt a breakout above the $62,000 barrier level.
The recent buying bias surrounding the greenback, on the other hand, tends to limit the upside for the ETH/USD pair. The gains, however, were supported by the market risk-off sentiment, which tends to strengthen the safe-haven US dollar. The US Dollar Index, which tracks the greenback against a bucket of other currencies, had risen by 0.07% to 93.388 by 12:16 AM ET (4:16 AM GMT).
Weekly Cryptocurrency Summary – Litecoin (LTC/USD)
The LTC/USD coin pair managed to extend its early-day winning streak, remaining well bid around the 193.00 level. Litecoin is trading at $191.378, with a 24-hour trading volume of $2,581,457,380. LTC has risen by 4.42% in the last twenty-four hours. With a live market cap of $11,946,790,640, it is ranked #16 in the market. The circulating supply of Litecoin is 66,752,615 LTC coins, with a maximum supply of 84,000,000.
The strong performance of the crypto market, which tends to support LTC coins, could cause its upward movement. The latest upticks in BTC prices are evidence of this. The BTC/USD price is now trading above $61,000 and the 100 hourly simple moving average.
Moreover, the gains in LTC could be long-lived, as the latest report suggests that the effects of the mining ban in China, which saw its hash rate plunge by up to 50% earlier this year, begin to cool off. Other developments in the crypto sector have also boosted the LTC prices.
Weekly Cryptocurrency Summary – Ripple (XRP/USD)
The XRP/USD managed to extend its overnight upward rally, drawing some further bids around the 1.08600 level. The XRP/USD exchange rate is currently $1.06532, with a 24-hour trading volume of USD 5,191,090,489. Ripple XRP has risen by 1.06% in the last 24 hours.
Fresh upticks in the crypto market tend to have a positive impact on all cryptocurrency prices, including Ripple; thus, the Ripple (XRP) price could continue to increase. The crypto market flashed green from the start of the day and was well supported, aided by recent developments in the world’s largest cryptocurrency, Bitcoin.
Santiment, a blockchain analytics firm, predicts that the price of XRP Ledger’s native asset (XRP) will rise, based on two metrics. On Twitter, Santiment claimed that an increase in the number of addresses on the XRP network, as well as an increase in social media mentions, indicate that XRP’s value may climb. “XRP is gaining traction on social media, and our data shows that in October, there was a considerable increase in the number of addresses communicating on the #XRPNetwork. According to the blockchain analytics organization, the recent surge in the price of Bitcoin (BTC), to a new all-time high, further addressed the activity.
Weekly Cryptocurrency Summary – DOGECOIN (DOGE/USD)
From the start of the day, the DOGE/USD coin pair flashed red, indicating that it had failed to stop its downward rally of the previous session. Dogecoin is currently trading at $0.291503, with a 24-hour trading volume of $17,447,129,643. Dogecoin has risen by 2.02% in the last twenty-four hours.
With a live market cap of $38,384,210,776, the current market ranking is #8. There are 131,128,539,044 DOGE coins in circulation, and the maximum supply is not available. The downticks in Dogecoin appeared despite the Bitcoin hash rate reaching a new high, as the effects of China’s mining ban began to cool off.
The recent surge in popular meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) could signify that the good times are back. A quick look at crypto Twitter (NYSE: TWTR) reveals a long list of tweets from aspiring traders, discussing buying Lambos, quitting their day jobs, and becoming full-time crypto traders. But the losses may be long-lasting, as the buying bias in the broad-based US dollar was viewed as one of the critical factors putting additional pressure on the Dogecoin prices.