crypto price analysis

Crypto Prices Today Bounce Back from Friday Sell-Off, Bitcoin, Ether, Solana, Polkadot, and others Surge Higher

The week has begun with some recovery in the cryptocurrency markets a few days after China’s regulator intensified renewed crackdown.

On Friday, September 24, China’s central bank announced that crypto trading and all related services, including Bitcoin mining, are illegal. It was a difficult day of trading in the crypto markets as a new bout of China-driven fear, uncertainty and doubt (FUD) dragged markets downwards.

However, today on Monday, September 27, most cryptocurrencies are in green, with the global cryptocurrency market cap stands at $1.944 trillion, a 5.42% rise over the last day, while the total cryptocurrency market volume over the last 24 hours is $109.43 billion, which makes a 23.26% rise.

Generally, the majority of cryptocurrencies are trading firmly on Monday, having rebounded from selling off the drive by the Chinese crackdown.

As of the time of writing at 11:00 AM Eastern Time (ET), Bitcoin is up about 5.23%, trading at $43,848.98, having fallen to just below $41,000 in the wake of Friday’s announcement. Ether, the second-largest cryptocurrency, rallies 11.55% to $3,094.17, recovering its Friday losses. Cardano prices are marginally higher, 2.62% trading at $2.23 while Polkadot trades at $29.56 up 3.40%, and performance of other cryptocurrencies also improved as Binance Coin, XRP, Solana, Litecoin, Uniswap, Chainlink, Cosmos ATOM, Avalanche surged over the last 24 hours.

Meanwhile, Sam Bankman Fried, the chairman of the billion-dollar crypto spot trading and derivatives platform FTX, recently talked about his views on the new ban imposed by China’s government. In an interview with CNBC media, Bankman Fried said that he was not “super surprised” by the move and explained that some of the initial strong reactions may have been because of the “exaggerated” translation of the original text and while the statements would have an impact, they were “nothing new.”

According to CoinMarketCap, Ethereum (ETH) has recovered even more strongly than Bitcoin (BTC) as the leading altcoin is up 11.55% since its Friday low trading of $2,881 and now surged to $3,094.17. Such gains come after a JPMorgan investment banking giant report stating that institutional investors are starting to favour Ethereum while shying away from Bitcoin futures. Analysts at JPMorgan bank noted that Bitcoin futures on the CME (Chicago Mercantile Exchange) have been trading at a discount to the spot market. “This is a setback for Bitcoin and a reflection of weak demand by institutional investors that tend to use regulated CME futures contracts to gain exposure to bitcoin,” the analysts explained.

JP Morgan stated that there has been a “strong divergence in demand” towards Ethereum products and explained that the driver of such demand had been the booming Non-fungible Token and Decentralized Finance sectors.

A famous crypto strategist and trader named ‘the Immortal’ also identifies some of the crypto assets that are likely to witness new all-time highs. Yesterday on Sunday, September 26, the anonymous trader told his followers that Cosmos (ATOM), a crypto project considered as the “internet of blockchains”, is ready to produce a fresh all-time high as it follows the footsteps of an explosive altcoin Avalanche (AVAX).

“Since the drop, ATOM was one of the best performers (between others like AVAX or SOL). +46% bounce so far. I expect ATOM will follow AVAX and make a new ATH soon.” the crypto trader narrated.

The crypto strategist also predicts that decentralized oracle network Chainlink (LINK) will initiate a 66% surge after reclaiming key support at $24.

“Easy trade. Send LINK to $40 ASAP,” the trader said.

The crypto analyst also believes that Bitcoin is gearing up for a steep rise that will erase its losses over the past week.

“I don’t understand it.. but short a V reversal if you want. BTC is still going to $100,000,” he stated.

Crypto Price Today: Bitcoin, Ethereum, And Others Gain, Experts See October As Green for The Market

The prices of cryptocurrencies are mixed as the new week begins, with Bitcoin trading below the $48,000 level. The flagship cryptocurrency by market cap rose by about $2,500 within a matter of minutes on Friday, October 1 and was trading around $48,000 for most of the weekend, having spent more than a week before that in the lower $40,000s.

Today Monday, October 4, the global crypto market cap is $2.10 trillion, a 0.46% increase over the last day. The total cryptocurrency market volume over the last 24 hours is $99.33 billion, making a 15.37% decrease, according to CoinMarketCap.

The price of Bitcoin was trading at $47,612.31, down 0.70% during the intraday. Its dominance was 42.44%, an increase of 0.12% over the day.

Ether, the coin linked to Ethereum blockchain and the second-largest cryptocurrency, was trading down 1.82% at $3,347.29. Cardano price also met a decline of 4.41%, standing at $2.17, while Dogecoin was also down marginally to $0.2145. The performance of other crypto tokens, including XRP, Litecoin, Steller, is also mixed over the last 24 hours.

Cryptocurrency prices were hit on several fronts in September, including a tightening of regulatory oversights in China. On September 24, the crypto market across the globe was jittered by China’s imposing a blanket crackdown on the cryptocurrencies, and the Evergrande’s crises also contributed to a sharp decline across the crypto market. As a result, the entire crypto market lost streak in terms of monthly performance in September, which left Bitcoin trading around the lower $40,000 level.

However, Bitcoin is currently trading at $47,667.35, and other top cryptocurrencies are also showing renewed strength in their performances. Such a positive trend started on Friday, October, after the announcement in El Salvador that the nation began mining Bitcoin using volcano energy and Federal Reserve chairman Jerome Powell stating that the US has no plans to ban cryptocurrencies.

Some traders pointed to Mr. Powell’s remarks to the House Financial Services Committee on Thursday, September 30, as a catalyst that led to the current upbeat of the crypto prices. Other traders also recognized the beginning of the fourth quarter on Friday as another supportive factor when investors sometimes reset their portfolios.

Ulrik Lykke, Founder of crypto/digital assets hedge fund ARK36, talked recently about the current performance of the cryptocurrencies and said that the digital asset market is benefitting both from the seasonality effect as well as generally positive market fundamentals.

“Historically, September has often been a red month for the digital asset markets. Conversely, Q4 has often seen strong performances and the expectation the trend will continue this year can become a self-fulfilling prophecy. It is possible that we will see new all-time highs in Q4, especially that on-chain data, particularly in the case of Bitcoin, seem to indicate a potential for a strong bull market continuation,” Lykke stated.

Lykke further mentioned that the markets also took note of how little China’s reinforced crackdown on digital assets affected Bitcoin’s price action, indicating that investors have robust and long-term confidence in BTC’s strength at the moment.

Meanwhile, Ruud Feltkamp, CEO at crypto trading bot Cryptohopper, also stated that Bitcoin performs historically well in October and poorly in September.

“At Cryptohopper, we’re preparing for the huge inflow of traders due to the upcoming bull-market that we expect. My prediction is that we’re going to see a new ATH this month, or at the very least near the current ATH. After which, we enter the final phase of this bull cycle,” Feltkamp illustrated.

Crypto Price Today: Bulls Pull Bitcoin Above $57K, Ethereum Rises and Altcoin Market Loses Stream

On Tuesday, October 12, most cryptocurrencies have weakened their prices as most are trading lower. Apart from Bitcoin, all other nine top cryptocurrencies are lower as of the time of writing at 09:00 Eastern Time.

According to CoinMarketCap, Bitcoin is marginally up 1.77% currently trading at $57,546.41. The flagship cryptocurrency has surged its price to this level for the first time since May as market analysts anticipate that the crypto will retest the record highs reached in April this year – the $65,000 level.

Ether, the second-largest cryptocurrency by market capitalization and the coin associated with Ethereum blockchain, is lower 0.31% to $3,508.62.

Cardano also sheds its price 4.36% to $2.12, Binance coin trades lower 2.34% to $407.23, XRP eases 4.92% to trade at $1.10, Solana plunges by 5.07% to $143.46, Polkadot was down 4.97% to $33.32, and Dogecoin slips 4.10% to $0.2258.

Generally, while the global cryptocurrency market capitalization losses 1% to stand at $2.30 trillion compared to the previous day, the total crypto market volume increased more than 7% to stand at $105.63 billion.

Some of the renowned analysts have come forward and explained the phenomena taking place in the cryptocurrency market.

Mike McGlone, Bloomberg Intelligence’s senior commodity strategist, has explained the reasons why the prices of Bitcoin and Ethereum are set to see a rise.

The analyst states that Bitcoin could be in for a surge during the fourth quarter due to several fundamental catalysts.

He stated that many investors concerned about inflation and debt may be ready to put their faith in Bitcoin that gives the crypto its hard supply.

“Relative to rising US debt and tensions over a potential default, Bitcoin may be entering a unique phase for a 4Q price rise as markets gain trust in the coding that defines the crypto’s supply. The debt-ceiling drama may work against managers that avoid allocations to Bitcoin,” McGlone said.

In other words, the price of Bitcoin could soar to a 5-month high, rising by over 30% in October. As economies across the globe started to reopen and fast-track their path back to recovery, Bitcoin’s rally indicates investor confidence in the global economy and its increasing position as an asset class.

Meanwhile, McGlone also highlighted that Ethereum also is likely to see a price surge. He stated that the EIP-1559 update appears to place pressure on the ETH supply, which in the long term could benefit the asset and improve its price.

“Ethereum’s floor just below $2,000 from May-July appears to have added a handle to $3,000 for 4Q, tilting risk versus reward toward further price appreciation. It’s likely still the early price discovery days for Ethereum,” McGlone highlighted.

Crypto Price Today: Bitcoin Tops $63,935.12, Nears to Break April’s ATH, Altcoins Rally in Low-Level Buying

On Wednesday, October 20, prices of several major crypto assets have seen big gains, most notably, Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), among others, according to CoinMarketCap.

The overall cryptocurrency market is also approaching an all-time high, hitting above $2.5 trillion on Monday and continued climbing on Tuesday. The impressive trends continue to be witnessed even today.

The price of Bitcoin hit $64,476 on Tuesday evening after trading around and above $62,000 in the recent past days.

At the time of writing at 10 a.m. East African Time Wednesday, Bitcoin is trading its price at $63,935.12. So far, it is up over 121% in 2021 (year-to-date) and close to its record high level of near $64,802 hit in April this year, a high that was followed by a decisive plunge to under $30,000 that was seen as of July 20.

The latest surge coincides with the approval of the highly much-awaited first US Bitcoin futures-based Exchange-Traded Fund (ETF) listing on the New York Stock Exchange this week.

The latest rise follows weeks of Bitcoin trading above $40,000 since its last climb above $50,000 in early September.

Among the top 10 coins, Bitcoin is the biggest gainer, as highlighted above. Ether, a token linked to Ethereum blockchain and the second-largest cryptocurrency, is up over 2% to $3,857. Binance coin trades down 1.22% at $485.15. Cardano falls 1.41% to $2.10. XRP is up 0.19% trading at $1.10. Solana is down 1.01% at $156.23. Polkadot rises 1.06%, trading at 41.61. Dogecoin declines 1.35% at $0.2448, and Uniswap price is also down 1.04% at $25.69.

Meanwhile, several prominent analysts commented on the latest price increase, providing important information that investors need to know.

Some analysts stated that the latest rally is the start of a major bull run that will see Bitcoin and other crypto-assets blasts past their previous records in the final months of 2021.

Other experts also mentioned that the prices are likely to plunge as they continue rising, stating that the price swings will continue happening as they are something that long-term investors will have to continue dealing with.

Investors should expect volatility to continue. And that is the reason why experts advise investors to keep their cryptocurrency investments to less than 5% of their total portfolio.