Crypto Price Analysis 10-17 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, TONCOIN: TON, DOGECOIN: DOGE, APTOS: APT, CELESTIA: TIA

Bitcoin (BTC) briefly climbed to $68,261 as the crypto market remained posted further gains as optimism grows around riskier assets such as cryptocurrencies. BTC bulls are confident the world’s largest cryptocurrency will reach a new all-time high, with the US election outcome also set to play a vital role after both candidates spoke in support of crypto. 

Analysts also pointed to a significant rise in global liquidity, especially from China, which has offered an array of stimulus measures in recent weeks to revive its struggling economy. The overall crypto market cap posted another marginal increase, rising by 0.44%, and is now at $2.32 trillion. 

Bitcoin (BTC) Eyes New Highs 

Bitcoin (BTC) posted strong gains of around 2.9% on Wednesday and is currently up by 0.30% as it gradually pushes back towards $67,500. The price had jumped as high as $68,261 before falling back under $68,000, but recent price movements and technical indicators have market watchers hopeful of a new all-time high. BTC last traded around the $70,000 mark in July and set a new all-time high of $74,000 in March. Blockforce Capital’s Brett Munster stated, 

“After six months of price consolidation this year, the stage is set for a perfect storm in favor of Bitcoin and other crypto assets. Global liquidity is on the rise again, with central banks across the world injecting cheap capital into their economies. When global liquidity has exceeded its moving average in the past, it has often coincided with significant upward movements in the price of Bitcoin.”

BTC and the crypto market have been further buoyed by Kamala Harris, who promised to support a regulatory framework for cryptocurrencies. The pledge comes after years of complaints from the crypto sector about the need for more clarity on regulations and that US officials had chosen a path of regulation through enforcement rather than a clear framework. 

Italy To Strengthen Tax On Digital Assets 

Meanwhile, Italy is preparing to strengthen its digital services tax to raise more revenue in its 2025 budget. The move will reportedly trigger retaliation from the US, which has threatened tariffs over unilateral digital taxes in Europe, which applies to Meta Platforms Inc., Google, and Amazon and has already raised 400 million Euros. Senior Italian officials stated the government had authorized the tax increase without receiving tacit approval from the US. Italy introduced a 3% levy on revenue from internet transactions for companies with sales of at least 750 million euros. 

DeFi Remains Popular Amidst Surge In Crypto 

A report by venture capital firm Andreessen Horowitz has acknowledged a surge in activity in the crypto space over the past year, stating that the industry’s growth trajectory is reminiscent of early internet adoption. The report also highlighted several growth metrics and key issues in the crypto industry. According to the report, crypto has become a major political issue in the upcoming presidential elections. It also highlighted that the US is currently behind the European Union and the UK in terms of public engagement in crypto regulation. 

It also noted significant developments around stablecoins, which have grown to become one of the top 20 holders of US Treasury Securities. The report also pointed to robust growth in DeFi, adding that the sector saw the most usage across daily active addresses over the past year. 

“Since DeFi’s arrival in the summer of 2020, decentralized exchanges, or DEXs, have grown to account for 10% of spot crypto trading activity — all of which occurred on centralized exchanges just four years ago.”

DeFi platforms account for $169 billion in total value locked (TVL), with top platforms including Lido, Aave, Uniswap, EigenLayer, WBTC, and ether.fi. 

Grayscale Files To Convert Fund Into ETF 

Grayscale has filed with the Securities and Exchange Commission to convert its $520 million multi-crypto fund into an exchange-traded fund (ETF). The New York Stock Exchange (NYSE) requested the conversion on behalf of Grayscale in an October 14 19b-4 filing. The fund in question, Grayscale’s Digital Large Cap Fund, manages just over $524 million in assets and has a 76% allocation to Bitcoin (BTC), 18% allocation to Ethereum (ETH), and the remainder split between Solana (SOL), Ripple (XRP), and Avalanche (AVAX). 

Grayscale’s filing follows two other major conversions from earlier this year when the SEC approved its request to convert the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE) into ETFs. 

Spot Bitcoin ETFs Record $1.38 Billion in Weekly Inflows 

US-based spot Bitcoin ETFs recorded the fourth consecutive day of inflows this week, bringing the total to over $1.38 billion. October 16 saw the BTC ETFs register almost $460 million in inflows, with BlackRock’s IBIT leading the charge with $393.4 million worth of inflows, followed by Fidelity’s FBTC ($14.81 million), Bitwise’s BITB ($12.93 million) and Franklin Templeton’s EZBC, which registered almost $11.8 million in inflows. As of October 16, the total net assets held in spot Bitcoin ETFs stood at $64.46 billion. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) maintained its position above $65,000, increasing its gains to $67,300 before registering a marginal drop. The world’s largest cryptocurrency is trading at around $67,115, having made a modest gain of 0.34% over the past 24 hours. Even though trading volume registered a dip, overall investor sentiment remained positive, as indicated by the Fear And Greed Index. BTC also maintained its overall market dominance, which currently stands at 57.5 million, with the price further buoyed by increased inflows into spot Bitcoin ETFs. Analysts expect the price to push higher over the next few days and weeks, thanks to an expected increase in liquidity. Upcoming rate cuts will also likely trigger a rally for risky assets such as BTC. The recent price action has led investors to speculate that BTC may breach $70,000 once again and potentially set a new all-time high. 

As we can see in the price chart, BTC is currently trading above $67,000 but has marginally dipped during the ongoing session, with sellers preventing a move above $67,500. BTC has been in bullish territory since Friday, when it registered a 3.54% increase to push above the 50-day SMA to settle at $62,446. Buyers also attempted to go above the 200-day SMA but were unsuccessful, reaching a day high of $63,430 before losing momentum. It pushed above the 20-day SMA on Saturday, rising to $63,055 after rising by 0.98%. However, the price fell back in the red on Sunday, as buyers could not push above the 200-day SMA.

Source: TradingView

Bullish sentiment picked up on Monday thanks to broader markets making a recovery. As a result, BTC registered an increase of 5.36% to go past the 20 and 200-day SMAs and settle at $65,992. Volatility increased on Tuesday as sellers attempted to drag BTC back below $65,000. However, buyers countered this pressure and pushed BTC up by 1.53% to $67,000. BTC briefly pushed above $68,000 on Wednesday as it rose to a day high of $68,837 before dropping and settling at $67,519 after a 0.77% increase. The current session sees BTC marginally down as sellers look to push the price back below $67,000.

With markets bullish, market watchers expect BTC to recover and push on towards $70,000. A break above $68,000 could see BTC cross $70,000 and set a new all-time high.

Ethereum (ETH) Price Analysis

Unlike BTC, Ethereum (ETH) has struggled over the past couple of sessions, as momentum waned after it failed to push above $2,700, owing to strong resistance. However, despite its recent stall, ETH is up almost 10% over the past week, signaling positive price action. ETH picked up momentum on Thursday, posting a 0.65% increase after facing considerable volatility. The price continued to push higher on Friday, rising by 2.27% to $2,438. The weekend saw ETH experience mixed price action, rising by 1.60% on Saturday to go above the 50-day SMA before dropping by 0.37% to end the week on a bearish note.

Source: TradingView

Despite a muted end to the previous week, ETH surged on Monday, rising by 6.34% to push above the 20-day SMA and the crucial levels of $2,500 and $2,600 to settle at $2,630. Volatility increased on Tuesday as sellers attempted to drag ETH back below $2,500 and buyers attempted to push above $2,700. ETH eventually dropped by 0.84% to $2,607, staying above the crucial $2,600 level. Buyers made another attempt to move towards $2,700 on Wednesday as ETH rose to a day high of $2,646 but lost momentum and dropped to $2,611, registering only a marginal increase. The current session sees ETH up by 0.36% and trading around the $2,620 mark.

Buyers will look to keep ETH above $2,600 and push towards $2,700. A break above this level could see ETH move to $2,850. On the other hand, sellers will look to drive the price back below $2,600. Should this occur, ETH could drop down to $2,500.

Solana (SOL) Price Analysis

Solana (SOL) has continued to decline after failing to push above $160 yet again, as bulls look to keep the price above the 200-day SMA and $150 to spark a revival. SOL has been unable to get past $160, which has been acting as a stubborn level of resistance, with the price being rejected from this level four times since August. SOL’s latest push to $160 began on Friday when it registered an increase of almost 5% to go past the 50-day SMA and settle at $145. SOL continued to push higher over the weekend even though price action remained muted, rising by 0.66% on Saturday and 0.91% on Sunday to go above the 20-day SMA and settle at $147.

Source: TradingView

Bullish sentiment picked up on Monday as SOL went past the 200-day SMA after an increase of almost 7%. The increase also meant SOL was above the $150 price level, as it settled at $157. However, SOL fell back in the red on Tuesday after a move to $160 failed to materialize, allowing sellers to take control. As a result, SOL briefly dipped below the 200-day SMA to a day low of $150 before recovering and settling at $154 after a drop of 1.89%. Buyers made another attempt to push above $160 on Wednesday as SOL reached a day high of $158 before dropping back to $154 after registering a marginal decline. The current session sees SOL down by just over 1% and trading around the $152 mark.

Sellers will look to drive SOL back below $150. Should they be successful, SOL could drop to $140. On the other hand, if buyers can keep SOL above $150, we could see it make another attempt to push above $160.

Toncoin (TON) Price Analysis

Toncoin (TON) ’s recovery has also stalled in recent sessions as it struggles to push above the 20 and 50-day SMAs. TON started its latest recovery after recovering from a Thursday low of $5, rising by 1.17% to settle at $5.13. The price continued to push higher on Friday, increasing by 1.49% and settling at $5.21. Momentum waned over the weekend, with TON only registering a marginal increase on Saturday before dropping back by 1.05% to $5.19 and ending the week negatively.

Source: TradingView

Despite being relatively muted over the weekend, TON started the current week on a positive note, rising by almost 3% and moving to $5.33. However, it could not push higher thanks to the 20 and 50-day SMAs, which acted as a dynamic resistance level. As a result, TON fell back in the red on Tuesday, dropping by 2.24% to $5.21. TON made another marginal recovery on Wednesday, rising by 0.70% and moving to $5.25. However, it is back in the red during the current session, with the price down by 1.19% and trading around the $5.19 level.

The bulls are having trouble pushing TON above the 20 and 50-day SMAs. If TON can push above the moving averages, it could rise to $5.50 or $6. On the other hand, if TON slips below $5, its next level of support is $4.50.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) has made a significant recovery since Friday, surging past a key resistance level and the 20-day SMA, as bulls look to push the meme coin past $0.13. DOGE rebounded from the 50-day SMA on Friday, rising by almost 5% to settle at $0.111. Momentum stalled on Saturday thanks to the 20-day SMA, which acted as a dynamic resistance level. As a result, DOGE could only register a marginal increase before dropping back in the red on Sunday, falling to a day low of $0.108 before moving back to $0.111.

Source: TradingView

DOGE surged past the 20-day SMA and $0.115 on Monday to move to $0.117 after an increase of just over 5%. On Tuesday, the meme coin faced considerable volatility as sellers attempted to drive the price back below the 20-day SMA and $0.115. As a result, DOGE fell to a day low of $0.109 before recovering and registering a marginal increase to settle at $0.117. DOGE rallied once again on Wednesday, surging to a day high of $0.129 as it came to the brink of going above $0.13 and the 200-day SMA. However, with strong resistance at this level, buyers lost momentum, and DOGE fell back to $0.125, an increase of over 7%. The current session sees DOGE down by 2.46% as sellers look to drive the price below $0.12. 

Aptos (APT) Price Analysis

Aptos (APT) registered a sharp increase over the weekend after ending Friday at $8.52 after a rise of 5.32%, which allowed it to push above the 20 and 200-day SMAs. APT surged on Saturday, rising by an incredible 16.50% to surge past $9 and settle at $9.93. The price remained positive on Sunday, rising by almost 3% to push above $10 and settle at $10.19. APT started the current week with a marginal decline, dropping by 0.28% on Monday. However, it recovered on Tuesday, rising by almost 3% and moving to $10.47.

Source: TradingView

APT could not push above $10.50 and fell back in the red on Wednesday, dropping by 4.23% to $10.02. The current session sees the price marginally down as sellers look to drive APT below $10. If APT drops below $10, it could fall to $9.50 or $9. On the other hand, if buyers can regain control of the session, they will look to retest the resistance at $10.50.

Celestia (TIA) Price Analysis

Celestia (TIA) has registered a substantial decline over the past couple of days after it failed to push above $6.50 on Monday, allowing sellers to gain the upper hand. TIA started its push towards $6.50 on Thursday, when it rose by 4.24% and settled at $5.02. Bullish sentiment picked up on Friday as TIA went past the 50-day SMA after rising by just over 7% and settling at $5.37. Buyers also attempted to push above the 20-day SMA and $5.50 but could not, with TIA losing momentum after reaching a day high of $5.63. TIA pushed above $5.50 on Saturday after an increase of 2.54% and settled at $5.51.

Source: TradingView

TIA registered a significant jump on Sunday, rising by 13.27% to surge past the 20-day SMA and $6 to settle at $6.24. Volatility increased on Monday as sellers attempted to drag TIA back below $6 while buyers attempted to push it above $6.50. Ultimately, TIA registered an increase of 0.76% and settled at $6.29. However, sentiment changed on Tuesday as TIA dropped by almost 4% to $6.06. The price slipped below $6 after a drop of 3.18% pushed it down to $5.87. The current session sees bearish sentiment persist, with TIA currently down by almost 3% and trading around the $5.70 mark.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.