When Square announced the purchase of $50 million worth of Bitcoin reserves the day before, the cryptocurrency market made considerable gains on Friday. In the morning trading session, the overall market value of all more than 7,000 crypto assets hovered above 2%, reaching $340 billion.
On October 9th, the digital currency market performed well because many top cryptocurrency markets have achieved 24-hour earnings. On Thursday, when the publicly listed company Square announced to the public that it had purchased 4,709 BTC, enthusiasm increased. Bitcoin has risen by 4.4% in the past seven days, by 8.1% in the past 30 days, and by more than 19% in the past 90 days.
In addition, the price of Bitcoin (BTC) has exceeded 11,000 US dollars, and the current trading price at the time of issuance is 11062 US dollars. The market value of BTC is more than US$205 billion, and BTC now accounts for 61% of all other market valuations.
Ethereum also performed well, as cryptocurrency assets rose by more than 4.4% in the last week. As of press time, ETH is being exchanged at a price of $359 per token, and accounts for 12.14% of the total crypto economy. ETH’s position on Friday is closely followed by Tether, XRP and Bitcoin Cash (BCH).
Bitcoin Cash is trading at $237 per BCH, which is a 4.2% increase this week and 6.7% in the past 30 days. One of the biggest market performances before the weekend was Yearn Finance’s local token YFI, which rose 27.5% to $18,519 per token.
This weekend, cryptocurrency traders are looking forward to some possible big moves. Popular analyst Cantering Clark told his 28,000 Twitter followers that the long BTC merger period may be coming to an end.
“I think in light of this long-term compression, we took significant action before the BTC weekend,” the trader Tweet.
“In either direction, I doubt that we will get some experimentation. This is one of the candles you need to make a promise quickly or the transaction has fallen behind you,” the analyst added.
At the same time, as the social media crowd has been talking about Square’s purchase of 4,709 BTC for $50 million, a trader believes that Bitcoin (BTC) has been “optimistic” before the announcement.
Cryptocurrency critic Wright: “Before the Square news release, Bitcoin BTC was already bullish.” tell His Twitter fan base. “Although YFI is trying to make the whole market infinite, there is no supply selling bottom on this trend line. It is obvious what will happen next.”
Popular financial analyst Peter Brandt also told his 376,000 followers that he believes the “big buy signal” may come true.
“This is a major development for a global company (Square) now to include BTC on its balance sheet,” Brandt Tweet Thursday.
Brandt concluded: “Weekly and daily charts are ready to send a big buy signal.” However, not everyone agrees with the opinions of veteran traders, because Square only invests 1% of its holdings in BTC . “Sadly, where are 1% of the real bulls?” Personal Response Brandt’s optimistic tweet.
In addition, many traders have been paying attention to the technical indicators of the BTC/USD chart and noticed that the Bollinger Bandwidth is about 0.95 this week.Trader Nunya Bizniz on Twitter Noticed This chart was developed on October 5.
BTC Monthly: Bollinger Bandwidth has never been so narrow. Will fluctuations come? Nunya Bizniz tweeted.
The last time the Bollinger Band bandwidth of BTC was so narrow was in 2016, before 2017. At the same time, the current narrow width does not necessarily mean that the price of BTC will move northward, and there is likely to be a downside risk.Large number Seems to be hesitating Although the Bollinger Band is very narrow, in which way will the BTC price fall?
What do you think of the positive actions in the cryptocurrency market in the past 48 hours? Tell us what you think in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Twitter, Light, Cantering Clark, Peter Brandt
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