bitcoin chart

Great Bitcoin bullish run

Crypto market update: 19-25 october.

The BTC has made an extraordinary bullish run last week, breaking the $13,000 level from a position below $11,400. With this move, the BTC has reached a new high in the last 52 weeks, gaining 15% from last week.
bitcoin chart

BTC market performance

Indeed, the long-awaited post-halving BTC rally has come in two phases since the beginning of October, the second phase last week was the strongest. Analysts estimate that if the price does not fall below USD 12,400 in the next few days, the rally may still be in progress and could exceed USD 14,000.

BTC/USDT prices
Source: MCExchange.

The bearish positions will attempt to bring the BTC price below the $12,400 mark to stop this magnificent two-phase uptrend experienced since October 8.

Currently the 13,300 and 13,500 USD band corresponds to a resistance of the BTC price, during this weekend we could see more volatility, as the whales started to sell not only what they were mining but also what it was stored waiting for interesting prices.

Another interesting metric is "the BTC fear and greed index" which is in a clear position towards greed as seen in the graph at one side.

This index catalogues BTC market sentiment as "extreme greed" positioning at a ratio of 76 out of 100.

Fear and greed index

It is clear that the optimism that was expressing in the past weeks from bullish positions has materialised during mid October and it can extend to the end of the month.

Etherium market performance as the first altcoin

For its part and more timidly, the ETH rose by 8.27% to reach 408 USD at the time of writing this article. Here again, the bullish market is asserting its advantage and has a greater strength against opposite positions, which are trying to push the ETH price below the USD 395 line. If the bulls continue to pull hard, a price above USD 421 may be reached soon.

Although ETH's network currently processes more than twice more transactions than the BTC’s one, its price does not reflect this fact. The ETH network processes more than USD 7 billion compared to the BTC network which processes less than USD 3 billion. DeFi has made this possible with the boom it has experienced throughout this year. Many believe that the DeFi in 2020 is a real bubble similar to what happened with the ICOs during 2017.

There is the fact that the Blockchain competitors of ETH, can take advantage of the high transaction costs of ETH’s network and the insecurity of DeFi projects, to create safer and more economical alternatives. Cardano and Stellar are two examples of parallel chains that can offer appropriate solutions where the ETH network is failing or is not so efficient.

What are the 5 most outstanding cryptocurrencies of the week?

coin360 chart
Source: coin360.

The most important cryptocurrencies have followed the trail of BTC, so that almost 90% of the altcoins registered increases, highlighting the 5 altcoins as follows:

The more remarkable cryptocurrencies this week are were the following: Litecoin (LTC) with 17%, Gnosis (GNO) with 16.65%, Waves with 13.52%. Stellar Lumen (XLM) with n 11, 82% and ChainLink (LINK) with 9.46%.

top 5 cryptocurrencies
Source: Criptonoticias

1st) Litecoin (LTC): which experienced a 17% increase up to USD 55.76 on 23 October. Possibly this performance is due to the fact that it is going to be added in Paypal along with 3 more cryptocurrencies and because it will also be included in the crypto exchange of the German stock exchange market in Stuttgart. Its market cap has reached 3,886 million with a daily volume of USD 3,757 million.

2nd) Gnosis (GNO): the token price advanced 16.65% when it was announced that they could be stored in the Etherium MetaMask portfolio. Its value peaked at USD 62.81 and is currently trading at USD 54.33 with a market cap of over USD 60 million.

3rd) Waves: which increased by 13.52% due to the launch of a new great update in its protocol to develop more interoperability between blockchains with an allocation of approximately USD 3.4 million in waves. Its price escalated from USD 2.95 to a peak of  USD 3.40 which remains at the time of writing this article. This token has a capitalization of USD 350,889 million with a daily volume of USD 60 million.

4th) Stellar Lumen (XLM): Stellar lumen managed to increase its value by 11.8% this week, due to the update that will be implemented after a vote among the participants of its blockchain. Its market capitalisation is around USD 1,736 billion with a daily volume of USD 138 million. The cryptocurrency is currently valued at 0.0832 USD.

5th) ChanLink (Link): The Link token is experiencing a 9.46% growth this week and is currently priced at 12.28 USD. This increase may be due to the use of its protocol for generating random numbers in PoolTogether's betting system, a system that generates great confidence by guaranteeing the security and randomness required in any game of chance.