Bitcoin price traded in the green during the Asian session, near $20,534 after bouncing off the $20,265 support. Likewise, Ethereum is up less than 0.50% to $1,594 and is heading towards the 78.6% Fibonacci retracement level.
The global cryptocurrency market capitalization rose more than 0.50% the previous day to $1.01 trillion, putting the major cryptocurrencies in the green early on Nov. 1. Over the past 24 hours, the overall cryptocurrency market volume climbed 22% to $87.63 billion.
The total DeFi trading volume was $4.01 billion, accounting for 4.50% of the total 24-hour trading volume in the cryptocurrency market. The total trading volume of stablecoins was $81.34 billion, accounting for 92% of the total 24-hour trading volume in the cryptocurrency market.
Overall, markets are trading risk ahead of the Federal Reserve’s monetary policy and interest rate decisions later this week.
Top Altcoin Winners and Losers
Chain (XCN), Dogecoin (DOGE) and Shiba Inu (SHIB) are the top performers over the past 24 hours. XCN price rose more than 25% to $0.06, while DOGE price rose nearly 15% to $0.14. Meanwhile, SHIB is up more than 5% and is trading at $0.000012.
Top Altcoin Winners and Losers – Source: Coin360
Toncoin (TON) is down more than 8% this week to $1.50. Klaytn (KLAY) fell more than 5% to around $0.26 and Algorand (Algo) fell about 4% to $0.3479.
Fear and Greed Index Signals “Fear”
Investors in high-risk bitcoin markets often display an overly emotional reaction. Being wealthy may encourage people to behave in ways they later regret when the market goes up (fear of missing out). Also, seeing red numbers often prompts people to sell their coins for illogical reasons.
The Fear and Greed Index exists to prevent you from making unreasonable judgments based on how you feel.
Fear and Greed Index – Source: alternative.me
The cryptocurrency market remained in “fear” mode on Tuesday, with the Fear and Greed Index shifting from extreme fear to fear, with investors typically shunning riskier assets in favor of safe-haven assets such as the U.S. dollar, gold and government bonds. The shift from extreme fear to fear points to a potential bullish reversal in the cryptocurrency market.
Fed to rise 75 bps for fourth straight
This week is all about the rate decision by the FOMC and the Fed tomorrow, November 2nd. The Fed is widely expected to rise by 75 basis points (bp). It would be big news if the hawks focused on core inflation momentum implying a fifth 75bps gain in December.
The Federal Open Market Committee (FOMC) appears likely to approve a fourth straight 75 basis point rise at its meeting next week.
Despite two consecutive quarters of declines in gross domestic product, the economy has returned to growth and jobs are being created at a rapid pace, with job openings now four times the number of unemployed Americans.
To keep inflation in check, the Fed remains convinced that inflation risks are “biased to the upside,” continued gains are “appropriate,” and “sustained periods of below-trend growth” are necessary.
Financial markets have fully priced in a 75 basis point gain. So while tomorrow’s rally may not have a major impact on cryptocurrency demand, the Fed’s stance on future gains will be important.
The current Bitcoin price is $20,553 with a 24-hour trading volume of $44 billion. Bitcoin consolidated during the Asian session, gaining nearly 0%. Over the past 7 days, BTC/USD has gained more than 6% as investors await the Fed’s rate decision.
CoinMarketCap currently ranks first with a real-time market cap of $394 billion, down from $400 billion yesterday.
Bitcoin Price and Token Economics – Source: coinmarketcap
Bitcoin’s technical outlook remains largely unchanged as it continues to be in line with our Bitcoin price forecast during the European session.
BTC/USD has been consolidating within a broad trading range of $20,000 to $21,000, with Fibonacci retracements defined as 38.2% to 61.8%. Still, the trading bias for BTC remains bullish.
The RSI and Moving Average Convergence Divergence (RSI and MACD) remain in bullish territory, indicating that the current uptrend is likely to continue. Furthermore, if the price is above $19,750, the 50-day moving average suggests a buy.
Therefore, a break above the 61.8% Fibonacci level could see the current buying trend continue to new highs at $21,900. If Bitcoin’s current trend continues, its price could reach $22,500.
Bitcoin Price Chart – Source: Tradingview
On the downside, immediate support for Bitcoin remains near $20,250. Investors may be looking to buy above $20,250 today, with further buying visible on a bullish break above $21,000.
Ethereum’s current price is $1,494 with a 24-hour trading volume of $44 billion. Ethereum is up more than 18% in the past 7 days. CoinMarketCap is now No. 2 with a real-time market cap of $195 billion, down from $199 billion yesterday.
Ethereum Price and Token Economics – Source: coinmarketcap
ETH/USD is forming an ascending channel with support near $1,550 on the 4-hours chart. Today, Ethereum is forming a “Three White Soldiers” candlestick pattern, showing significant upside potential.
Bullish trends are usually initiated by an ascending channel, which could lead ETH to reach resistance at $1,660. A bullish crossover above $1,656 could push the price of ETH to $1,720 or $1,805.
Ethereum Price Chart – Source: Tradingview
Leading indicators such as RSI and MACD are still in buying territory. Hence, the odds of a bullish correction above $1,550 remain high. Meanwhile, a break below this level could send ETH to $1,404 today.
New cryptocurrency pre-sale
Dash 2 Trade, a brand new cryptocurrency signals platform, generated $3.7 million in its pre-sale to create its trading tool, which is focused on recruiting large numbers of retail traders and providing them with some of the most powerful trading tools in the industry.
Rather than allowing the dominant players of the trading world to continue to dominate as they have a monopoly on superior knowledge, Dash 2 Trade enables ordinary retail traders to compete on a level playing field.
The company intends to launch its platform in the first quarter of 2023 after the pre-sale, and its D2T token is expected to be listed on multiple exchanges. Dash 2 Trade pre-sale is still ongoing; D2T tokens can be purchased for 0.05 USDT.
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Find the best price to buy/sell cryptoCryptocurrency Price Tracker – Source: Cryptonews
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