BTC could soon exceed $23,000

The price of Bitcoin enjoyed a moderate rise in the day with an increase of around 4%, taking the latter to $20,260. In comparison, Ethereum has skyrocketed with more than 10% growth in the last 24 hours, its price is now $1,485.

Major cryptocurrencies were in the green today October 26th as the value of the entire crypto market increased by 5% in comparison with the day before, reaching the score of 976 billion dollars. In addition, we observe that the volume of the crypto market has increased by more than 69% in the last 24 hours, with a value of $89.24 billion.

The volume of the DeFi (decentralized finance) sector is currently 3.66 billion, which represents 4% of the total volume of the entire crypto ecosystem. This while the volume of stablecoins is now 80.85 billionwhich accounts for nearly 90% of the daily crypto market volume.

We will now analyze in detail the winners and losers of the day.

Biggest winners and losers among Altcoins

At the time of the Asian session on the traditional stock market, we observe that on the crypto side the biggest winners are Lido DAO (DAO), Toncoin (TON) and Ethereum Classic (ETC). Toncoin price is up more than 21% today and is located at $1.80this while DAO benefited from an increase in 10% with a price of $1.67. At the same time, ETC climbed just over 10% him too which brings his price to $25.

Source: Coin360

In the past 24 hours, the price of Aptos (APT) has plunged more than 4% to $8.8. The price of Klaytn (KLAY) also fell 4% to $0.19.

A vote on crypto regulation in the UK

Last Tuesday, the House of Commons in the United Kingdom voted in favor of the Financial Services and Markets Bill, which includes future regulations for crypto assets due to their status as financial instruments. .

It is usual for the House of Commons to deal with the economic affairs of the country, the latter most often acting in terms of the regulation of markets linked to the financial sector.

Andrew Griffith, an English parliamentarian, recommended a number of amendments to include cryptocurrencies as well as NFTs in the control space subject to UK regulators.

In addition, this new bill also includes under its jurisdiction stablecoins, which are, as a reminder, a type of cryptocurrency generally assigned to the value of another financial asset such as the US dollar or gold for example.

However, before this law is completely adopted, there is one last step on the political level, namely a vote by the House of Lords.

All this comes after Rishi Sunak took the place of prime minister last Monday, it should be noted that he was recently finance minister. Sunak has expressed some support for the crypto sector in the past, so his election was appreciated by the markets despite ongoing regulatory plans.

The price of bitcoin

After a rise today the price of Bitcoin shows a value of 20,254 dollars, we also note that the volume over the last 24 hours is 151 billion dollars. Bitcoin moved up around 4% in the daily time frame. According to data from CoinMarketCap it still ranks first in the crypto ecosystem with a total market capitalization of $388 billion.

Bitcoin Price and Tokenomics – Source: CoinMarketCap

This Wednesday, the BTC/USD pair is trading more intensely after breaking the symmetrical triangle chart pattern located at $19,250. As initially anticipated in a previous Bitcoin price analysis, BTC/USD trended upwards, breaking through the $19,600 and $19,900 resistance levels.

On the technical side, the RSI and MACD remain in optimal areas for buying with a potential bull run ahead. The 50-day moving average offers support for the buy above the $19,300 level. As a result, breaking above the “triple top” could allow the price to move into the $21,000 area. If the trend continues it is even possible to see the BTC reach the bar of 23,000 dollars before the start of the year 2023.

Source: Tradingview

Nevertheless, the immediate support level remains near the $20,000 threshold due to the psychological factor, while the next support is at $19,600. At this time investors should aim for long positions at the $19,900 level.

The price of Ethereum

Currently the price of Ethereum is $1,485 with the last 24 hour volume valued at $31 billion according to data from CoinMarketCap. Over the daily period Ethereum gained more than 10%, furthermore it is still ranked second in the crypto ecosystem with a market capitalization of $181 billion.

Ethereum price and Tokenomics – Source: CoinMarketCap

ETH/USD is on the rise and technical indicators tell us that the price action is now heading towards the next resistance level at $1,550. On the daily timeframe, ETH ended on a bullish candle that signals the possible start of a new bullish rally for Ethereum.

Source: Tradingview

Concerning the RSI and the MACD, the latter are also harbingers of the continuation of an upward price movement. As a result, the $1,650 mark could possibly be reached in the coming weeks.

The new crypto presales

After raising over $2.5 million in less than a week, the Dash 2 Trade presale is set to become the biggest of the year, and this as many presales posted record results in 2022. The presale has just reached its second stage, so the price of the D2T token has dropped from 0.0476 to 0.05 USDT as originally scheduled. This increase, however, has not dampened investor enthusiasm for the project.

Dash 2 Trade is a platform based on the Ethereum blockchain which aims to offer a variety of analytical tools for traders to assist them in their investments. It is an equivalent to the Bloomberg terminal, but specific to the crypto sector. In addition, the total volume harvested indicates a particularly strong confidence in the abilities of the management team, no doubt due to the fact that the latter is behind another successful crypto project named Learn 2 Trade.

After the end of the pre-sale, the company plans to launch the platform in the first quarter of 2023, in the same period when the D2T token would be listed on a large number of exchanges. Feel free to click on this link to visit the Dash 2 Trade presale.

Update: The price of Bitcoin and Ethereum are enjoying an ever-increasing upward rally, the two crypto assets are now showing a value of $20,754.48 and $1,553.74.

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Source: Crypto news

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