Major cryptocurrencies had been buying and selling barely greater early on October 23, with the worldwide crypto market cap at $923 billion, up greater than 0.5% from the day past. In the final 24 hours, the overall cryptocurrency market quantity was $32 billion, a 39% enhance.
The main cryptocurrency, Bitcoin, is consolidating close to $19,216, having gained lower than 1% in the course of the Asian session. BTC has fashioned a symmetrical triangle sample, and a breakout of this triangle will decide the value motion transferring ahead. Ethereum, however, is on the rise, having risen greater than 1% to commerce at $1,313.
Top Altcoin Gainers and Losers
The high performers within the Asian session had been Bitcoin Gold (BTG), Aptos (APT), and Huobi Token (HT). Bitcoin Gold (BTG) has gained over 11% to $18.35, whereas the value of APT has risen by over 29% to $9.59. Moreover, the Huobi Token value rose over 11% to $8.70.
The Chain (XCN) value has fallen by greater than 5% within the final 24 hours to $0.058. The value of Maker (MKR) has dropped greater than 3% to round $990.
Fear & Greed Index Signals Extreme Fear
Investors proceed to keep away from taking any possibilities and are as an alternative shopping for gold and the US greenback. One potential clarification for the current market lull in cryptocurrencies is that the market’s worry and greed index is presently studying “Extreme Fear.”
Because many cryptocurrencies are oversold proper now, “Extreme Fear” is seen as time to enter the market and go lengthy on an oversold coin. Perhaps that is one of many causes behind the uptrend in Bitcoin and Ethereum.
BTC Is Now Less Volatile Than S&P 500 and Nasdaq
As reported by cryptocurrency analytics supply Kaiko, Bitcoin’s volatility has decreased beneath that of the S&P 500 and Nasdaq. Cryptocurrency markets, the enterprise argued, have grown much less delicate to dangerous macro occasions, together with excessive inflation, an appreciating greenback, rising rates of interest, extended battle, and the vitality disaster.
The knowledge means that cryptocurrency markets are much less reactive to unstable macro occasions than earlier within the 12 months, whereas fairness markets have remained extremely delicate.
In an interview, Clara Medalie, chief of analysis at Kaiko, mentioned:
Bitcoin volatility is at multi-year lows whereas fairness volatility is simply at its lowest degree since July.The knowledge means that cryptocurrency markets are much less reactive to unstable macro occasions than they had been earlier on within the 12 months, whereas fairness markets have remained extremely delicate.
Bitcoin’s volatility has decreased relative to the Nasdaq and the S&P 500, based on cryptocurrency analytics supply Kaiko, as reported by CNBC. For the primary time since 2020, Bitcoin’s 20-day rolling volatility is lower than that of the 2 inventory indexes, based on a report printed by a cryptocurrency knowledge enterprise on Friday.
At its assembly in November, the Federal Reserve is prone to increase rates of interest by 75 foundation factors for the fourth time in a row. But Mary Daly, president of the Federal Reserve Bank of San Francisco, mentioned final Friday that policymakers ought to take into consideration slowing the speed of future rate of interest will increase.
Bitcoin Price Prediction & Technical Outlook
The present Bitcoin value is $19,206, and the 24-hour buying and selling quantity is $15 billion. Bitcoin has elevated by lower than 1% within the final 24 hours. CoinMarketCap presently ranks first, with a reside market cap of $368 billion.
It has a complete provide of 21,000,000 BTC cash and a circulating provide of 19,186,937 BTC cash. Bitcoin is projected to satisfy speedy technical resistance close to the $19,300 degree, the place a symmetrical triangle sample can also be forming. Additionally, the 50-day MA maintains a bearish bias for BTC costs beneath $19,250.
A sustained transfer over $19,300 might open the door for bulls to problem the following resistance zone between $19,650 and $19,950 in BTC.
On the opposite hand, a break beneath $18,920 assist could push BTC in the direction of $18,600 or $18,400 ranges.
Ethereum Prediction & Technical Outlook
The present value of Ethereum is $1,311, with a 24-hour buying and selling quantity of $7.1 billion. In the earlier 24 hours, Ethereum has gained over 1%. CoinMarketCap now ranks #2, with a reside market cap of $160 billion.
The ETH/USD pair has created an ascending triangle sample, which signifies near-term technical assist round $1,292. However, instantaneous resistance is being met on the degree of $1,320. The 50-day transferring common additionally lends credence to the bullish case for ETH.
Ethereum’s main resistance ranges at $1,320 have held up properly, however the cross above this may push ETH towards $1,340 or $1,385.
Leading technical indicators such because the RSI and MACD are holding above 50 and 0, respectively, indicating probabilities of an uptrend continuation. On the opposite hand, a bearish breakdown of the $1,292 degree might carry ETH right down to $1,270 or $1,240.