Bitcoin
From October 13 to October 20, 2023, Bitcoin increased in price by more than 11%. At some points during the week, BTC even tested an important psychological mark – $30,000. However, it has not yet been possible to gain a foothold above.
Source: tradingview.com
Bitcoin’s highest weekly rise occurred on Monday, October 16th. On this day, the authoritative publication Cointelegraph released news that the US Securities and Exchange Commission (SEC) had approved a spot Bitcoin ETF for BlackRock. Unfortunately, the news turned out to be a complete fake. Edition
brought official apology to readers for publishing unverified information. This statement provoked a drawdown of BTC to $28,000. However, it did not completely exhaust the enthusiasm of investors, and on Friday, October 20, the growth continued.
Analysts at CryptoQuant
lead your argument for growth. Experts paid attention to such a metric as the Realized Cap Hold Wave (abbreviated as realized cap). The metric estimates the value of Bitcoin based on the price of its last movement. For example, if you bought Bitcoin at $15,000, and its current value is $29,900, then in your case the asset will be valued at $15,000. The more speculative sales, the higher the realized cap parameter and vice versa.
Data CryptoQuant shows that in 2023, only 6% of Bitcoin will be held by short-term traders. Less than in the bull cycles of 2015 (11%) and 2018-2019 (8.6%). This is undoubtedly positive, since most people hold Bitcoin, believing in its growth.
A different point of view on events was expressed by the CEO of the investment company BlackRock, Larry Fink, saying that the recent jump in the Bitcoin price was not caused by false news for the sake of market speculation, but by the real state of affairs in the economy – people are trying to invest money in quality assets in order to save their accumulated funds.
From a technical analysis point of view, the picture for Bitcoin is bullish. This is evidenced by overcoming the 200-day moving average (indicated in yellow). On October 16, volatility began to increase. This fact is supported by the rise of the ATR indicator from 577 to 796. Resistance level
last week – $28,600 – overcome and now becomes support. The new resistance level is the 2023 high at $31,818.
Source: tradingview.com
Fear and Greed Index
increased by nine points. Now the value is 53. This indicates that neutral sentiment prevails among Bitcoin investors.
Ethereum
Ethereum rose in price by 3.87% in seven days. Only two trading sessions were negative. Ether successfully broke the barrier of $1,600, and the maximum price this week was even higher – $1,640.5. However, trading volumes remain quite low.
Source: tradingview.com
Although the price of ether this week turned out to be higher than the previous one, it still has not yet emerged from crypto winter. But the platform’s network indicators continue to grow. A user under the nickname finelady_p on the social network X (formerly Twitter) shared
information: the number of addresses of ether holders has exceeded 100 million.
And the analytical platform Santiment
leads the following interesting statistics: billionaires, those who have at least 1 million ETH in their hands, account for a third of the entire supply of ether. This figure is the highest in the last seven years.
Ether futures ETFs have not attracted much investor interest. In the first seven days, only $10 million was invested there. For comparison, the total outflow of Ethereum products amounted to $7.5 million. Most likely, this attitude is due to the expectation of a major global cataclysm against the backdrop of the confrontation between Israel and Hamas.
From a technical analysis point of view, Ethereum managed to stay above the support level of $1,540. This is undoubtedly a positive sign for investors. However, it is premature to talk about the start of a rally. The price is still below the 50-day moving average (indicated in yellow). Volatility is also relatively low, as evidenced by the ATR indicator. It is, of course, higher than the August figures, but lower than the average values for the first half of 2023. Until the resistance level of $1,755 is overcome, there is no need to talk about a bull market.
Source: tradingview.com
Ripple
During the week from October 13 to October 20, the Ripple cryptocurrency (XRP) increased in price by about 5.5%. The coin is again worth more than $0.5. By and large, all the growth was due to one trading session on Thursday, when XRP immediately added 6.55%. This was also accompanied by the largest trading volume (for example, on the Bitstamp exchange).
Source: tradingview.com
Perhaps adding to the positive news for investors was the fact that the SEC withdrew charges against Ripple founders Brad Garlinghouse and Chris Larsen. Thus, judicial
hearingswhich were scheduled for April 2024, will not be held.
Interestingly, on Tuesday, October 17, a very large withdrawal of XRP was recorded from the Bitvavo exchange to an unknown wallet. In total it turned out
withdrawn about 410 million tokens for a total value of $201 million. Bitvavo is a Dutch crypto exchange that is one of the largest platforms for institutional investors. So a transfer could be an indication that someone is going to play for the long haul. Why do this if you don’t expect the price to rise?
It’s interesting that, according to
data Analytical platform Santiment, the number of wallets storing from 10,000 to 10 million XRP in October hit its highest level since the end of July. Which can only testify in favor of the thesis put forward above: large capital is increasing its positions.
According to technical analysis, Ripple has been flat for more than two months now. It formed after a fall from mid-July to mid-August 2023. A breakdown of the upper or lower boundaries of the range, which are the support levels (about $0.56) and resistance (about $0.46), will be a signal to buy or sell, respectively.
Source: tradingview.com
The seven-day period from October 13 to October 20, 2023 brought positive things to crypto enthusiasts: Bitcoin, Ethereum and Ripple began to grow. However, everyone had their own reasons. The BTC rate could be partially influenced by a fake about an approved spot ETF, although it is possible that more fundamental factors are also driving growth. The Ripple cryptocurrency came to life after winning a lawsuit with the SEC. Well, Ether simply, apparently, got tired of falling and, against the backdrop of relatively low trading volumes, its price slightly adjusted.
This material and the information contained herein do not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
