crypto price today: Crypto price today: Bitcoin hits $19k; Cardano, XRP and Dogecoin fall up to 5%
Bitcoin held above the $19,000 mark, while Ethereum remained below $1,300 levels. Trading volume has remained tepid, regularly falling below its 20-day moving average, suggesting a lack of conviction among investors.
Aside from Bitcoin, Ethereum, Tether and Tron, all the top crypto tokens were trading lower on Thursday. Cardano fell around 5 percent, while XRP, Dogecoin and Polygon each fell 3 percent. Shiba Inu and Avalanche shed 2 percent each.
The global cryptocurrency market capitalization traded flat at $915.55 billion, falling significantly over the past 24 hours. However, total trading volume jumped nearly 20 percent to $58.48 billion.
The expert’s assessment
Prashant Kumar, Founder, weTrade, said that choppy market behavior from September seems to have rolled over into October for the global crypto market cap. While Bitcoin holds its $19,000 position on Thursday. “The market is bracing for another rate hike as the minutes from the US Federal Reserve’s September meeting, released on Wednesday, showed that higher interest rates would remain in place,” he added.
The overall crypto market capitalization hovers around the $918 mark. Bitcoin is changing hands at $19,088 while Ethereum is moving towards the $1,300 mark, said Mahin Gupta, founder of Liminal.
The crypto market remained largely flat as the majority of investors are in a wait-and-see mode for CPI data this week, he added. “If inflation figures remain high in the CPI data, it could have a significant impact on crypto asset prices,” he said.
Global updates
Cryptocurrencies may have crashed this year, but they are still a digital ATM for a potent constituency, i.e. hackers.
At least $718 million has been stolen so far in October alone, taking the gross figure for the year past $3 billion and putting 2022 on course to be a record for total value hacked, according to blockchain specialist Chainalysis.
Majilis in Kazakhstan have approved five new crypto-banknotes, Russian news agency TASS reported. The draft of at least some of this legislation was only introduced at the end of September.
The Coin Center think tank has alleged the US Treasury Department’s extensive sanctions on crypto mixer Tornado Cash and their ability to trade privately using the Ethereum network.
Toronto-based crypto exchange Coinsquare became a member of Canada’s top self-regulatory organization – the Investment Industry Regulatory Organization of Canada – making it the first crypto-native platform to join that body.
Tech View of Giotto’s Crypto Platform
Terra is a highly controversial blockchain project that exploded this year and arguably took down the entire crypto market with it. After the original coin was transferred to LUNC (LUNA Classic) with a renewed blockchain – a new LUNA has taken its place. And it was the highest gain yesterday much like DYDX on Monday.
LUNA (which trades as LUNA2 on various exchanges such as Giottus), which has largely traded around its 50-day moving average of around $2.5 over the past month, surged over 25 percent to hit a peak of more than $3 ,1.
A CONTRIBUTORIt has experienced some correction, but with several longer time frame closes at these higher levels, a case can be made for the bulls. While the fibonacci retracement in this rally creates resistance at $2.79, as soon as this can be overcome, LUNA may have immediate targets at $2.92 and above $3.15.
Even some downside will not necessarily reveal its bullishness, as support at $2.56 and $2.52 would both need to be lost for this to be called a “fakeout”. These levels are in line with its 50-day moving average, so it is likely that any retracements will be limited to these levels.
Key support: $2.56, $2.52
Key resistance: $2.79, $2.92, $3.15
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset(s) mentioned.)
