Bitcoin
Bitcoin rose 4.5% from October 25 to November 1. As the week progressed, the top cryptocurrency rose to $73,600, just 0.3% below its all-time high of $73,794. However, consecutive declines from October 30 to November 1 allowed BTC to fall below $70,000.
Source: tradingview.com
The main reason for the growth is the influx of funds into spot Bitcoin ETFs. In the week from the 25th, inflows were recorded every day. And the last outflow was observed a long time ago, on October 22. Interestingly, the October 30 cash inflow of $893.21 million was the largest since the launch of spot ETFs in January.
Source: https://sosovalue.xyz
Another growth factor was the continued accumulation of Bitcoin by major players (whales). The Lookonchain analytical platform recorded that one such whale purchased 2,000 BTC ($144.82 million) over the past two weeks. His unrealized gains to date
amounts to already $6.3 million.
Also during the week, the so-called sixteenth birthday of BTC took place. On October 31, 2008, Satoshi Nakamoto first presented the Bitcoin White Paper to the public. Since then, BTC has grown from a few cents to almost $70,000, becoming one of the ten largest global assets by capitalization.
Source: companiesmarketcap.com
From a technical analysis point of view, Bitcoin now has more buyers than sellers – the price is above the 50-day moving average (indicated in blue). However, the low readings of the ADX indicator indicate that the trend is just beginning to form and is still quite weak. Support and resistance levels: $66,500 and $73,794 respectively.
Source: tradingview.com
Fear and Greed Index
grew up up three points compared to last week. The current value is 75. This suggests that greed is dominating the sentiment of crypto investors.
Ethereum
Ether gained slightly less than 3% for the week from October 25 to November 1. For five trading sessions from Saturday to Wednesday, ETH showed growth. The second-largest cryptocurrency by capitalization again surpassed $2,700. The modest growth is explained by a collapse of 5.36% on Thursday, October 31.
Source: tradingview.com
In general, the growth of ether was facilitated by the same factors as the rise of BTC. After the decline on October 21 and 23, whales began accumulating ETH. By
data analytical platform IntoTheBlock, large investors withdrew about $315 million from exchanges in a week, the lion’s share – $277 million – occurred on one day, October 29.
The last three days have also seen inflows into spot Ethereum ETFs. In total, they amounted to more than $25 million. However, two days before that there was an outflow of $20.3 million. Thus, the overall dynamics, although positive, were quite modest.
Source: sosovalue.xyz
From a technical analysis point of view, Ethereum continues to trade in a range between the $2,112 and $2,811 levels, which act as support and resistance, respectively. The current situation can be described as parity between bulls and bears, as the RSI is slightly below 50 and the price is near the 50-day moving average (in blue).
Source: tradingview.com
Chainlink
The Chainlink cryptocurrency has grown by 2.33% over the past week. The performance was similar to the ether: four sessions of gains from Sunday to Wednesday were erased by a 7.83% collapse on Thursday. Overcoming $12 again turned out to be a temporary phenomenon for the coin.
Source: tradingview.com
The main news for Chainlink was
update CCIP protocol up to version v1.5. It will make it possible to increase the number of tokens integrated with CCIP, and will also make the work of developers easier. Chainlink developers have highlighted four improvements that will accompany the update: the introduction of a cross-chain token (CCT) standard, self-registration of tokens, certification of token developers, and
improved security and privacy.
The analytical platform Santiment has posted information about the best ERC-20 tokens based on developer activity over the past month. The leader by a huge margin was Chainlink, which outperformed its closest pursuer, Ethereum, by almost two times. Interestingly, this is the fourth first place for the cryptocurrency in the last five months. Chainlink
was becoming the best in terms of developer activity in June, July and September.
From a technical analysis point of view, Chainlink has been trading in the range of $10.26-$12.95 for more than a month and a half. The price either exceeds or falls below the 50-day moving average, which is typical for sideways movement. All this is also accompanied by low volatility, as evidenced by the ATR indicator.
Source: tradingview.com
Conclusion
Yes, major cryptocurrencies have increased in price over the week. Bitcoin was just a little short of reaching its all-time high. Ethereum and Chainlink continue to trade sideways, although they ended the week on a positive note.
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 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.
