TL;DR
The final days of October (so far) have been quite successful for the primary cryptocurrency. Its price crossed the psychological level of $70K at the start of the week, continuing the uptrend to as high as $73,600. Currently, bitcoin (BTC) trades at around $72,200 (per CoinGeckoâs data), representing a 7% increase on a seven-day scale.
BTC Price, Source: CoinGecko
Numerous industry participants believe the rally is still at its starting point, envisioning further gains in the near future. X user Mikybull Crypto recently noted the emergence of a âgolden cross,â which could be a precursor of a massive bull run.
The technical chart pattern occurs when BTCâs short moving average (often the 50-day) crosses above its long-term moving average (for example, the 200-day). It is considered a bullish signal, indicating a boost in positive market sentiment.
Despite the overall optimism in the space, some analysts forecasted a potential correction. Altcoin Sherpa, for example, maintained that the ârange highs were trapped,â speculating about a possible pullback to $50,000.
Ali Martinez chipped in, too, reminding that BTCâs valuation plunged substantially following the previous three US presidential elections. The voting for Americaâs next political leader is scheduled for next week (November 5), and it is likely to trigger some volatility in the crypto market.
Shiba Inuâs layer-2 scaling solution also made the headlines due to another upgrade unveiled by its developers. As CryptoPotato reported, the advancement that is âon the wayâ aims to bring new opportunities for users, such as exclusive events and rewards. Additionally, it will enhance the networkâs utility and allow for future expansion.
Shibariumâs previous upgrades this year included a new user interface (UI) update that enables compatibility with popular self-custody wallets and a âBurn Portalâ that decreases the circulating supply of Shiba Inu (SHIB). This development makes the meme coin more scarce and possibly more valuable (should demand remain constant or rise).
Despite the booming cryptocurrency market recently, Rippleâs XRP remains in the red on a weekly scale, currently hovering at around $0.51. However, many analysts are still optimistic that it will catch up with the pace and experience a significant rally soon.
XRP Price, Source: CoinGecko
One example is EGRAG CRYPTO, who envisioned a price explosion to $7.50 before the yearâs end. The crypto enthusiast added that such a rally would only be possible if XRP surpasses the resistance level of $0.5930 before the end of this month (meaning today).
The post Bitcoin (BTC) Price Outbreak, Shibariumâs Upgrade, and More: Bits Recap Oct 31 appeared first on CryptoPotato.
- Bitcoin trades well above $70,000, with analysts sharing mixed forecasts about its future movements.
- Shibariumâs new upgrade aims to boost utility and introduce exclusive rewards.
- According to one analyst, XRP could see a significant rally if it breaks key resistance soon.
BTC on Fire
The final days of October (so far) have been quite successful for the primary cryptocurrency. Its price crossed the psychological level of $70K at the start of the week, continuing the uptrend to as high as $73,600. Currently, bitcoin (BTC) trades at around $72,200 (per CoinGeckoâs data), representing a 7% increase on a seven-day scale.
BTC Price, Source: CoinGecko
Numerous industry participants believe the rally is still at its starting point, envisioning further gains in the near future. X user Mikybull Crypto recently noted the emergence of a âgolden cross,â which could be a precursor of a massive bull run.
The technical chart pattern occurs when BTCâs short moving average (often the 50-day) crosses above its long-term moving average (for example, the 200-day). It is considered a bullish signal, indicating a boost in positive market sentiment.
Despite the overall optimism in the space, some analysts forecasted a potential correction. Altcoin Sherpa, for example, maintained that the ârange highs were trapped,â speculating about a possible pullback to $50,000.
Ali Martinez chipped in, too, reminding that BTCâs valuation plunged substantially following the previous three US presidential elections. The voting for Americaâs next political leader is scheduled for next week (November 5), and it is likely to trigger some volatility in the crypto market.
Shibariumâs Upcoming Upgrade
Shiba Inuâs layer-2 scaling solution also made the headlines due to another upgrade unveiled by its developers. As CryptoPotato reported, the advancement that is âon the wayâ aims to bring new opportunities for users, such as exclusive events and rewards. Additionally, it will enhance the networkâs utility and allow for future expansion.
Shibariumâs previous upgrades this year included a new user interface (UI) update that enables compatibility with popular self-custody wallets and a âBurn Portalâ that decreases the circulating supply of Shiba Inu (SHIB). This development makes the meme coin more scarce and possibly more valuable (should demand remain constant or rise).
XRP Predictions
Despite the booming cryptocurrency market recently, Rippleâs XRP remains in the red on a weekly scale, currently hovering at around $0.51. However, many analysts are still optimistic that it will catch up with the pace and experience a significant rally soon.
XRP Price, Source: CoinGecko
One example is EGRAG CRYPTO, who envisioned a price explosion to $7.50 before the yearâs end. The crypto enthusiast added that such a rally would only be possible if XRP surpasses the resistance level of $0.5930 before the end of this month (meaning today).
The post Bitcoin (BTC) Price Outbreak, Shibariumâs Upgrade, and More: Bits Recap Oct 31 appeared first on CryptoPotato.
![[DK]](/data/avatars/s/57/57999.jpg?1720990206){kind=avatar}
