Lưu trữ cho từ khóa: Bitcoin

Bitcoin (ký hiệu: BTC, ) là một loại tiền mã hóa, được phát minh bởi một cá nhân hoặc tổ chức vô danh dùng tên Satoshi Nakamoto dưới dạng phần mềm mã nguồn mở từ năm 2009. Có thể được trao đổi trực tiếp bằng thiết bị kết nối Internet mà không cần thông qua một tổ chức tài chính trung gian nào.

Bitcoin ra đời đầu tiên, được sử dụng rộng rãi nhất trong thanh toán điện tử và là vua của thị trường tiền mã hóa trong hàng chục nghìn đồng tiền khác nhau. Các doanh nghiệp có xu hướng muốn thanh toán bằng Bitcoin để giảm thiểu chi phí.

Altcoin

APT coin price prediction: Is Aptos ready to ‘kill’ Ethereum and Solana?

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The Aptos token price is increasing due to all the positive buzz surrounding the project.

Let’s take a closer look at APT (APT) coin so we can understand the project and the factors that are currently influencing its price.

What is Aptos?

Aptos, a layer 1 blockchain, was launched by Aptos Labs in October 2022, founded by a team of former employees who worked on Meta’s (formerly Facebook) crypto project Calibra, which was later rebranded as Libra and then Diem.

Aptos Labs, co-founded by CEO Mo Shaikh and CTO Avery Ching, is on a mission to reshape the Web3 experience. Their passion lies in creating user-friendly dApps on the Aptos blockchain, making the advantages of decentralized technology accessible to a broader audience.

Aptos distinguishes itself in the crypto space with its innovative approach to transaction processing, scalability, and security, making it a versatile platform for dApps and NFTs. The project is often referred to as an “Ethereum (ETH) and Solana (SOL) killer.” Its innovation is built on three key components: the Move programming language, a parallel transaction processing system, and Block-STM technology.

The Move programming language, initially developed for the Meta Diem project, is designed for security and flexibility in smart contract development. 

In terms of transaction processing, Aptos stands out by using a parallel approach, departing from the sequential execution model employed by major blockchains like Bitcoin (BTC) and Ethereum (ETH). This enables Aptos to achieve potential speeds of over 160,000 transactions per second.

What lies ahead for APT, the native token of Aptos? Will its price return to previous highs?

Aptos crypto news and price factors

The Aptos token price is increasing due to all the positive buzz surrounding the project. Over the past 30 days, the Aptos (APT) coin has risen by approximately 70%. In the last week, its price climbed by 14%, and in the past 24 hours, it gained 2.5%.

As of October 15, 2024, the APT token is trading at $10.4, still well below its all-time high of $19.9 which the coin reached at the end of January 2023.

APT 1-day chart, October 2024 | Source: crypto.news

A big reason behind the recent rise of the price of Aptos tokens is Franklin Templeton’s announcement about launching its OnChain U.S. Government Money Fund (FOBXX) on the Aptos blockchain. Now, with this move, investors can easily get to the fund through the Benji Investments platform, simplifying how they manage their wallets on the Aptos network.

What’s more, Aptos is making waves in the Japanese market with its acquisition of HashPalette, a subsidiary of HashPort Inc.

This exciting move will allow HashPalette to transfer its blockchain infrastructure and applications to the Aptos network by 2025.

Additionally, Aptos became the exclusive provider of blockchain technology for the digital wallet system at Expo 2025 in Osaka.

It’s clear from these updates that the Aptos blockchain is expanding, which is attracting more investors to the APT token.

Aptos price prediction 2024

Looking ahead to 2024, the APT token has a lot of potential. Interest in the Aptos blockchain is on the rise, positioning it as a key player in the crypto scene. Its unique focus on scalability and security is capturing the community’s attention.

As more users join the project, confidence in Aptos’s ability to advance blockchain technology is growing. This excitement could spark higher demand for APT tokens, possibly driving their price up as more investors discover what the project has to offer.

While many analysts are bullish on APT due to the heightened interest in the project, nobody can truly say what price point the project will end up at by the end of the year.

Savvy investors will closely monitor newsfeeds and social media for updates on Aptos that could influence token price including key partnerships and project development among other factors.

APT coin price prediction long-term

As Aptos meme coin continues to grow, its success will rely heavily on how good it is at welcoming developers and users into its ecosystem. Many have noted that it lacks the level of adoption seen by some of its competitors.

The big question is: can Aptos carve out its place in such a competitive market? The potential is definitely there, but in an increasingly competitive and well-developed industry, adoption is everything, and long-term success for Aptos will hinge on whether the project can become more widely used, and fast.

Is APT coin a good investment?

Cryptocurrency markets are notoriously volatile, subject to sudden shifts and external influences that can defy even the most well-informed predictions. Before putting your money into anything, consider how much risk you’re okay with and what you want to accomplish financially.

That way, you can make choices that fit your investment goals.

Will Aptos token price go up?

As with any asset, nobody can really say whether the price of a cryptocurrency will go up or not in the future. What people can do, however, is monitor the price charts for historic performance and attempt to find common patterns, then run tests to see if these patterns repeat themselves as time goes on.

The ability to read charts, known as technical analysis, is a key part of trading and investment, and you can read more about this skill in the article below.

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Theo Crypto News

Bitcoin

Bitcoin crosses $67k to hit 2-month high

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itcoin rallied to just shy of $68,000 on Oct. 15 as spot BTC exchange-traded funds attracted the most single-day capital inflows in over four months.

Bitcoin (BTC) notched a two-month high with its leap above $67,000, marking its highest price point since late July. Data from crypto.news price pages confirmed that BTC surged to $67,800 before retracing below $66,000 at press time.

The sudden price hike pushed crypto liquidations beyond $300 million in the last 24 hours. According to Coinglass, most of these positions were short-BTC or traders expecting much lower market prices. More than $145 million in short liquidations earlier suggested a market spike was inbound.

24-hour BTC price chart – Oct. 15 | Source: crypto.news

A recent U.S. stock market uptick may have contributed to a stronger investor appetite for BTC, which many perceive as a risk asset. Higher share prices coupled with reduced Federal Reserve funding rates often result in more market liquidity.

The bullish move also translated into better spot Bitcoin ETF demand. Spot BTC ETFs in the United States experienced the largest capital inflow in four months, pulling in $555.8 million for the first time since June 4.

Despite a rocky start to October, Bitcoin performs well seasonally during the year’s fourth and final quarter. The $1.2 trillion asset has returned over 22% on average in the last three months in eight different years.

Bitcoin also experienced a price boost in two previous pre-election cycles, once in 2016 and again in 2020. BTC doubled and tripled, respectively, usually starting its ascent weeks before the U.S. presidential election and setting a new all-time high in early Q1 the following year.

Experts from QCP Capital surmised that the same might happen again, especially with a verbally pro-BTC candidate seemingly leading the race.

Former President Donald Trump gained his widest lead over electoral rival Kamala Harris on Polymarket’s on-chain prediction platform. The gap stretched to over 13.5%, while similar data showed a 10% difference on competitors like Kalshi.

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Theo Crypto News

Bitcoin

Bitcoin adoption and psychedelic use seeding a new world | Opinion

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The fact that psychedelic use is skyrocketing in the age of Bitcoin (BTC) is no coincidence. It is indicative of the fact that the world sits on the precipice of a new Renaissance and Enlightenment.  

The world has finally discovered sound money in the form of Bitcoin and is using psychedelics more than ever before, which could transform the way we live in fundamental ways. For instance, as Bitcoin allows people a more leisurely lifestyle than their fiat ones, they will begin to explore what builds civilizations, including psychedelics. New ideas will flourish widely. 

The effects on the world of Bitcoin and sound money

When a monetary unit called the aureus stabilized Rome from the 1st century BC to the 4th century AD, it was made of gold. All sorts of innovation followed, including using the arch, changing construction forevermore, etc. Once the government took the money system off the gold standard and debased the currency by decreasing the amount of gold being used, the empire began to fade.  

Bitcoin can be the basis of the new monetary system. Instead of all these central banks printing a never-ending supply of fiat currency and then first giving it to their buddies at the big banks, the world has an objective supply of truth with a limited supply of 21 million open and accessible to everyone on planet Earth. 

According to Gresham’s Law, which says the capital flows towards the better money, all of the world’s currency markets will move into Bitcoin. That is because Bitcoin is better than fiat currencies.

People flourish in sound money systems. It provides a fair playing field. The unit of account is not depreciating due to government manipulation. A sound money increases trade, savings, and prosperity. Individuals plan for the future rather than dread the coming bill cycles. Architectural, literary, art, science, and engineering achievements follow. 

Additionally, sound money helps family and communities grow stronger, as the individual members can spend more time together, and are able to pursue the arts, sciences, engineering, and literature or whatever pursuits they may love. It underpins the stability needed so people can experiment in all sorts of ways. 

On a Bitcoin standard, psychedelics help build future civilization

Psychedelics have been studied, and scientists believe they could have benefits for PTSD, anxiety, and more. People in business, too, apparently feel their positive effects. Silicon Valley founders praise the micro-dosing of LSD. 

According to research, psilocybin, found in mushrooms, helped us develop and create our socio-cognitive world. Psilocybin, for instance, might have helped social bonding mechanisms like laughter, music, storytelling, and religion. Psilocybin might have created a “systematic bias on the selective environment that favored selection for prosociality in our lineage.”

Well-known researchers such as Terence McKenna underscore the importance of psychedelics in the evolution of mankind. “Psychedelics are illegal not because a loving government is concerned that you may jump out of a third-story window,” said Terence McKenna back in 1987. 

“Psychedelics are illegal because they dissolve opinion structures and culturally laid down models of behavior and information processing. They open you up to the possibility that everything you know is wrong.” 

The historical record backs this up. Just this past March, archeological excavations hint that Roman subjects at the northern reaches of the ancient empire consumed a hallucinogenic and poisonous plant named black henbane. Greek philosopher Plutarch described the effects as “not so properly called drunkenness” but more like “alienation of mind or madness.” 

In addition, strands of hair from 3,000 years ago show the first direct evidence of drug use in Bronze Age Europe, according to a new paper published in the journal Scientific Reports. The hair, from a cave on the Spanish island in the Mediterranean called Menorca, has psychoactive alkaloids in it, which are found in some plants and create altered states. 

Psychedelics played a considerable role in the development of human civilization and opened up new avenues of knowledge and understanding. They are already playing an increasingly large role in use cases, including spiritual, medicinal, and cultural purposes.  

Bitcoin psychedelics and the new world

In the coming years and decades, both use of Bitcoin and hallucinogen use will increase. Bitcoin will allow people to work and store their time-energy in a digital asset with relatively stable value (Bitcoin velocity declines over time), and begin to explore the beauty in the world. 

No more will we chase more work hours in the face of debasing fiat currencies and toil under palpable anxiety and unrest. The sound money system of today—brought to the world by Bitcoin—will allow people to experiment with psychedelics, creating a self-fulfilling prophecy of love and freedom. 

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Theo Crypto News

Phân tích

94% of Bitcoin holders are in profit; will they sell?

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The number of Bitcoin addresses in profit has significantly increased following its price surge above the $65,000 zone.

According to data provided by IntoTheBlock, over 50.67 million Bitcoin (BTC) addresses have accumulated the asset below $65,500, accounting for 94% of the total BTC holders. 

The remaining 6%, around 3.37 million addresses, purchased Bitcoin for an average price of $68,139 with a total volume of 1.58 million BTC, per data from ITB. 

Of this tally, over 80,000 daily active addresses are in profit and around 247,000 holders are close to their initial investment, per ITB data. At this point, only 3,440 of the active addresses are losing money.

DAA in profit – Oct. 15 | Source: IntoTheBlock

A pretty similar movement was also noticed in late September as Bitcoin plunged from $65,800 on Sept. 28 to $60,000 on Oct. 3 as the investors and traders aimed for short-term profits. The current chart hints at a local top as the market has been moving without long-term catalysts.

One of the key drivers behind the BTC price surge is the sudden increase in short liquidations. Per a crypto.news report, over $145 million in crypto assets have been liquidated in the past 24 hours, with Bitcoin leading the pact with $63 million in liquidations.

Moreover, the $555.9 million inflows in spot BTC exchange-traded funds in the U.S. also triggered bullish sentiment around investors and traders as well.

Despite the latest correction, the BTC price is still up 1.8% in the past 24 hours and is trading at $65,750 at the time of writing. The asset’s market cap is sitting at $1.3 trillion with a daily trading volume of $39.5 billion.

BTC price and RSI – Oct. 15 | Source: crypto.news

Data shows that Bitcoin’s Relative Strength Index is hovering at 64, showing that the asset is slightly overbought at this point. A further price hike would be expected for Bitcoin if the RSI cools down close to the 50 mark.

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Theo Crypto News

Altcoin

$145m in short liquidations pumped Bitcoin, altcoins 

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The cryptocurrency market is seeing increased short liquidations as major assets, including Bitcoin, gain bullish momentum.

According to data provided by Coinglass, the total liquidations over the past 24 hours surpassed $192 million. Of this tally, more than $145 million in short trading positions have been wiped out and the remaining $46 million belongs to long trades.

Crypto liquidations – Oct. 15 | Source: Coinglass

Bitcoin (BTC) recorded $63 million in liquidations—$55 million shorts and $7.7 million longs—as it surpassed the $66,000 mark on Oct. 14. BTC is still up 2.3% in the past 24 hours and is trading at $65,300 at the time of writing.

Ethereum (ETH) is sitting on the second spot with $37 million in daily liquidations—$30 million in shorts and $7 million in longs. Thanks to the short liquidations, the leading altcoin crossed the $2,600 mark for the first time in two weeks.

Per Coinglass, the largest single liquidation order happened on Binance, the largest crypto exchange by trading volume, and was worth $5.2 million in ETH/USDT pair.

The Binance exchange accounts for $94 million of the total liquidations with a 76% dominance of short positions. 

Despite the rallying liquidations, the total open interest in the crypto market increased by 4.7%, reaching $69.5 billion, per Coinglass data. This movement usually shows signs of FOMO and greed. 

According to data from CoinGecko, the global crypto market capitalization increased by over $109 billion over the past day—currently sitting at $2.406 trillion. At this point, Bitcoin has a 54.2% dominance over the whole market with a total market cap of almost $1.3 trillion. 

Another bullish driver for the Bitcoin price was the impressive surge in the U.S.-based spot BTC exchange-traded funds. Per a crypto.news report, these ETFs recorded $555.9 million in inflows on Monday—marking a four-month high.

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Theo Crypto News

Bitcoin

Bitcoin rally prompts Metaplanet to stock up, bringing holdings to $56m

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Japanese investment firm Metaplanet continues to boost its Bitcoin holdings by purchasing 106.97 BTC ($6.9 million) amidst the ongoing Bitcoin rally.

The hotel operator turned investment firm announced in an Oct. 15 notice that it has purchased an additional ¥1 billion or equal to $6.9 million worth of Bitcoin(BTC). Metaplanet’s latest BTC purchase brings their total crypto holdings to 855.48 BTC or $56 million.

On the day of purchase, Bitcoin soared by 2.06%, crossing the $65,000 threshold. This is the first time Bitcoin has reached that level since Sept. 30, rising over 10% from its lowest level this month and by 32% compared to its August low, signaling that it has entered a bull market.

At the time of writing, Bitcoin is trading hands at $65,233 according to data from crypto.news. In the past 24 hours, Bitcoin has reached a peak of $66,486 and sustained a market cap of $1.28 trillion. This surge coincided with a strong rally in the global equity market after Chinese officials announced that they will introduce a number of stimulus to support the property sector and government plans to boost spending.

Throughout this month, Metaplanet has been making frequent purchases of BTC in bulks of ¥1 billion, further diversifying its holdings. Metaplanet’s last ¥1 billion investment into Bitcoin occurred on Oct. 11. This brough the company’s holdings in cryptocurrency to 748.50 BTC.

In the past year, Metaplanet has continued to add to its Bitcoin holdings, following in the footsteps of companies like Microstrategy, Tesla, and Marathon Digital.

“Expect us to take up more space soon alongside some Bitcoin titans!” Gerovich wrote on his X post on Oct. 11.

In May 2024, Metaplanet announced its plans to invest more funds into its Bitcoin holdings as a way to combat economic challenges plaguing Japan, such as high government debt levels, negative real interest rates, and a depleting national currency.

Aside from Metaplanet, a number of Japanese investment firms have expressed interest in investing in crypto. Over 500 investment managers in Japan have considered investing in digital assets, according to a survey conducted by Nomura in June 2024.

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Theo Crypto News

Phân tích

Bitcoin hits $66K — Is this just the beginning of a major rally?

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With Bitcoin breaking through $66K, are we seeing the early stages of a long-term bull market or just another temporary spike?

Bitcoin is back in action

Bitcoin (BTC) is back in the spotlight, crossing the $64,000 resistance mark as the broader crypto market shows signs of recovery. As of Oct. 14, Bitcoin is trading around $66,000 levels, marking a solid 5.5% jump in the past 24 hours.

Bitcoin 6-month price chart | Source: TradingView

This surge follows weeks of volatility in the crypto space, largely driven by global economic concerns and rising geopolitical tensions, particularly in the Middle East. 

A key driver behind this renewed momentum is global markets reacting to China’s latest economic updates. While it has been working to revive its economy, its much-anticipated stimulus announcement has left many wondering if it’s enough.

Economists suggest that China’s efforts to curb deflation are falling short, which has shifted attention to Bitcoin. According to Bloomberg, some speculators are moving away from Chinese stocks and into crypto, taking advantage of Bitcoin’s momentum. 

Caroline Mauron, co-founder of Orbit Markets, highlighted that “capital rotation from Bitcoin into Chinese equities” was previously holding crypto down. Now, with this rotation easing, Bitcoin appears to be reaping the benefits.

Adding to the positive momentum, last week’s decision by the bankrupt Mt. Gox crypto exchange to delay its creditor repayment deadline by another year has relieved some market anxiety. The exchange owes nearly $2.7 billion worth of Bitcoin, and the delay has lessened fears of a large-scale sell-off.

And perhaps the most exciting factor? October — fondly dubbed “Uptober” by the crypto community — has historically been Bitcoin’s most profitable month. Since its inception, Bitcoin has posted an average gain of over 21% in October, although there were setbacks in 2014 and 2018.

So, where does this leave Bitcoin now? Let’s dive deeper into what’s next for BTC and what Bitcoin price predictions could mean for the coming days.

Factors fueling the market momentum

Bitcoin has been gaining steam lately, driven by several key factors.

One of the clearest signs of positive momentum is the inflows into spot Bitcoin exchange-traded funds. After a brief period of outflows, spot BTC ETFs saw a monumental shift on Oct. 11, recording their largest inflow in two weeks—surpassing $253 million.

This suggests that the recent selling pressure on Bitcoin might be easing, with investors regaining confidence. ETF inflows often indicate institutional interest, hinting at brighter days ahead for Bitcoin.

The US presidential race is also adding to Bitcoin’s rise. Prediction markets have flipped, now favoring pro-crypto Republican candidate Donald Trump over Democratic Vice President Kamala Harris.

As of Oct. 14, Trump’s odds of victory on Polymarket stand at 54%, while Harris’s have dropped to 45%, marking her lowest point since launching her campaign. A Trump win is seen as favorable for the crypto industry, potentially leading to more crypto-friendly policies.

Meanwhile, Bitcoin’s biggest corporate backer, MicroStrategy (MSTR), continues to outperform the market. Since adopting its Bitcoin-centric strategy in August 2020, MicroStrategy’s stock has surged 1,620%, vastly outpacing Bitcoin, the “Magnificent 7” tech giants, and the S&P 500.

Executive Chairman Michael Saylor remains bullish, recently tweeting, ‘the only thing better than bitcoin is more bitcoin.’

However, Bitcoin mining has seen mixed results lately. While BTC prices have risen by 5% this month, the network’s hashrate also climbed by 11%, slightly impacting miners’ profitability.

Analysts at Jefferies noted that miner revenue per exahash fell by 2.6% in September, and October could be more challenging unless prices surge.

Bitcoin’s momentum is further fueled by recent moves by the Federal Reserve. On Sep. 18, the Fed cut its interest rate by 50 basis points, bringing the short-term benchmark rate to 4.75%-5.00%.

The market is also pricing in additional cuts, with an 86% chance of a 25 basis point cut in November and December. Lower rates generally benefit risk assets like Bitcoin, as cheaper borrowing costs drive investors toward higher-yielding alternatives.

What to expect next?

Looking at both macro and crypto-specific data, a few key observations are emerging about the potential direction of the market. Let’s take a look at some critical insights.

Whale accumulation and minimal resistance

According to IntoTheBlock’s “In/Out of the Money Around Price” data, Bitcoin faces minimal resistance in the $55,000 to $64,000 range. 

Over 4.3 million BTC in volume is “in the money” here, meaning many holders are sitting in profitable positions, reinforcing the importance of this range.

A key takeaway from this data is that whales — large Bitcoin holders — are steadily increasing their positions below the $60,000 mark. 

Slim Daddy, a crypto market observer, notes, “Whales have significantly increased their accumulation in the sub-$60K range.” This pattern suggests that major investors believe Bitcoin is undervalued and poised for a breakout.

Historically, whale accumulation often signals upcoming bullish rallies, as their buying power creates upward pressure on the price. From a technical standpoint, this strengthens the case for a breakout, especially as Bitcoin holds above $62,000.

Key resistance at $64,000

Crypto analyst Michaël van de Poppe views Bitcoin’s recent test of $62,000 as a precursor to an even larger move. He predicts that a “massive build-up” is underway and that “a test of $64,000 will likely bring the big breakout the market is looking for.”

The $64,000 level is critical for both psychological and technical reasons. Psychologically, it represents a key area where many traders set stop-losses or take-profits. Technically, this is a resistance zone where strong selling pressure could emerge.

If Bitcoin breaks through $64,000 decisively, it may pave the way for a sustained rally toward previous all-time highs. However, failure to breach this level could result in a pullback. 

While whale accumulation under $60,000 offers some support, a failure at $64,000 could lead to temporary consolidation or a short-term dip.

Bitcoin price predictions: 2024 and beyond

With Bitcoin currently regaining momentum, the big question on everyone’s mind is: Where could Bitcoin go next?

Analysts and market experts have offered several predictions, each based on different data models. Let’s explore what they’re saying about Bitcoin’s future, starting with 2024.

Bitcoin price prediction for 2024

One of the more conservative predictions comes from Coincodex, which forecasts Bitcoin reaching a new all-time high of $89,885 by November 2024—a 38% upside from current levels, surpassing the previous high of $73,750 in March 2024.

Another model from DigitalCoinPrice offers a broader range, estimating Bitcoin’s price to fall between $59,195 and $144,380. On average, they predict Bitcoin will hover around $137,331 in 2024.

Bitcoin price prediction for 2025

According to Coincodex, Bitcoin is expected to trade between $65,494 and $102,794 in 2025. DigitalCoinPrice offers a more bullish outlook, forecasting a range of $141,620 to $169,264.

Titan of Crypto also predicts Bitcoin could push toward $105,000 in 2025, based on Fibonacci circle analysis. He suggests this is a conservative estimate, hinting at the potential for even higher gains depending on market conditions.

Bitcoin price prediction for 2030

Bitcoin price predictions for 2030 become more dramatic. By then, Coincodex predicts Bitcoin could trade between $118,333 and $305,028. DigitalCoinPrice, on the higher end, sees Bitcoin reaching nearly $493,000 — a massive increase from current levels.

If Bitcoin continues gaining institutional adoption and favor as a mainstream financial asset, reaching these high figures by 2030 is not out of the question. However, caution is necessary.

The road ahead

While these predictions paint an exciting picture of Bitcoin’s future, it’s important to approach them with caution. Bitcoin’s volatility means large swings in either direction are always possible. Market psychology, global financial conditions, and unexpected events can quickly alter these forecasts.

For investors, staying informed and keeping a long-term perspective is key. Always consider your risk tolerance and the broader market before making investment decisions. Never invest more than you can afford to lose.

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Theo Crypto News

Bitcoin

CoinGecko: Major asset classes outperformed Bitcoin in Q3

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Bitcoin ended Q3 with a modest 0.8% price increase, overshadowed by gold’s significant 13.8% rise, fueled by concerns about the economy and global tensions.

As global uncertainties loom, investors are turning to safe havens for stability, leaving Bitcoin (BTC) trailing with a modest 0.8% price increase in Q3 2024, according to data compiled by crypto price aggregator CoinGecko. For comparison, major assets like gold surged 13.8% amid growing fears of an economic slowdown in the U.S. and escalating tensions in the Middle East.

Bitcoin’s price performance in Q3 2024 vs. traditional assets | Source: CoinGecko

Moreover, even the Japanese Yen demonstrated strong performance, climbing 12.0% after the Bank of Japan’s surprise rate hike alongside rate cuts by the Federal Reserve. In contrast, Bitcoin outperformed only crude oil and the U.S. Dollar Index, as all major fiat currencies gained against the dollar, reflecting shifting market dynamics amid fears of weakening demand and monetary policy adjustments.

Bitcoin’s modest gains lead to decline in trading volumes

While Bitcoin posted modest gains, the top ten centralized crypto exchanges reported a combined spot trading volume of $3.05 trillion, reflecting a nearly 15% decline quarter-on-quarter. Despite this downturn, Binance retained its status as the largest CEX, although its market share slipped below 40% for the first time since January 2022, ending September at 38%.

Crypto.com emerged as the second-largest CEX, leaping from ninth place in Q2, with a remarkable 160.8% growth in trading volume, capturing a 14.4% market share. Meanwhile, OKX and Gate.io struggled, each experiencing trading volume declines exceeding 30%. U.S.-based crypto exchange Coinbase also faced challenges, with a 23.8% drop in trading volumes, resulting in a fall from sixth to tenth place among the top exchanges.

Despite the market’s modest gains in Q3, analysts at CoinGecko noted that Bitcoin increased its dominance to 53.6%, a rise of 2.7% quarter-on-quarter, adding that the “last time BTC was able to achieve such dominance was in April 2021.”

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Theo Crypto News

Bitcoin

Bitcoin ‘Uptober’ in play ahead of US election

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Bitcoin’s leap toward $65,000 after a lackluster start to October could catalyze gains historically experienced during this month, according to QCP Capital.

Analysts from the crypto trading firm said in its Telegram channel Bitcoin’s (BTC) 4% price jump on Oct. 14 might signal a rally for the leading cryptocurrency during the second half of the month. A total crypto market uptick liquidated nearly $80 million in BTC and Ethereum (ETH) leveraged short positions, easing the bearish overhang on these two market leaders and the broader digital asset space.

QCP experts also noted that BTC’s pump arrived three weeks before the November U.S. presidential elections. Trading data showed that BTC recorded similar price patterns on two previous occasions. Bitcoin doubled in value by January 2017, after starting its price ascent in October, just before the 2016 elections. Like this year, BTC had been range-bound for months ahead of regime change in America.

24-hour BTC price chart, Oct. 14 | Source: crypto.news

In 2020, less than a month before the presidential election, Bitcoin surged from around $11,000 to over $42,000 by Q1 2021, nearly tripling in value.

If history repeats itself, and Bitcoin’s bull market resurges following U.S. elections, BTC’s value could reach or exceed $120,000 by early 2025. A base case where BTC doubles in price would also push the token’s market cap well above $2 trillion, marking a significant milestone for the flagship cryptocurrency.

QCP Capital analysts added that Mt. Gox’s updated repayment plan might bolster BTC’s bullish outlook. Last week, the defunct BTC exchange postponed its creditor reimbursement deadline to October 2025. According to crypto.news, BTC buying activity has also stalled sell pressure across several digital asset exchanges.

Uptober has been rather disappointing so far with BTC up just +1.2% vs an average of +21%. After months of trading in the range, will history repeat itself? Today’s rally has definitely given the market a glimmer of hope just as Uptober optimism was fading.

QCP Capital

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Theo Crypto News