On October 19, Bitcoin price remained in a narrow trading range of $19,000 to $19,400, and the breakout of this range will determine future price action. Ethereum, on the other hand, has dropped more than 1% to $1,302 during the early Asian session.
Major cryptocurrencies were trading in the negative zone today, with the global crypto market capitalization falling 0.7% to $927 billion on the previous day. In contrast, the total crypto market volume grew over 7% in the last 24 hours to $0.7 million.
DeFi had a total volume of $3.6 billion, while the total volume of stablecoins was $50 billion.
Top Altcoin Gainers and Losers
The top performers in the Asian session were Aave (AAVE), Monero (XMR), and Maker (MKR). The Aave (AAVE) gain more than 4% to $82, while XMR price has risen by over 1.5% to $146. Moreover, MKR’s price rose over 2% to $1,111.
The EthereumPoW (ETHW) price has fallen by more than 11% in the last 24 hours to $6.2. The price of Quant has dropped more than 12% to around $172.
Here are some of the noteworthy events in the crypto news section:
Bitcoin Energy Use Jumps 41%
Despite a proposal to ban crypto mining being shot down by the European Union earlier this year, further rules may soon be enacted to lessen the industry’s negative environmental effects.
Bitcoin’s energy usage has increased by 41% YoY, despite significant strides in energy efficiency and a more diverse and sustainable energy mix. Moreover, there’s a concern that this trend may lead to a crackdown on mining by government agencies.
This information was compiled from a study released in the third quarter of 2022 by the Bitcoin Mining Council (BMC), an organization that boasts 51 of the world’s major Bitcoin mining firms as members.
According to the BMC, Bitcoin mining uses 0.16% of world energy production, which is somewhat less than the amount used by computer games and is “a negligible proportion of global energy.” The BMC also found that bitcoin mining contributed a “negligible” 0.10% to global carbon emissions.
However, with the increased discussion about Bitcoin mining energy consumption, regulators may take strict measures, posing difficulties for bitcoin miners. As a result, the price of Bitcoin is falling.
The current Bitcoin price is $19,283, and the 24-hour trading volume is $29 billion. Bitcoin has fallen by 1.50% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $369 billion.
Bitcoin has formed a symmetrical triangle pattern, which offers immediate support near $19,200 and resistance at $19,450. The symmetrical triangle pattern indicates investor indecision and can typically break out on either side, depending on the news release.
The BTC/USD pair is currently trading just above the 50-day moving average, indicating a bullish trend. However, the RSI and MACD remain in a selling zone, supporting investors’ bearish bias.
If BTC falls below $19,250, it may return to the previous triple-bottom support near $18,900. A second breach could send BTC to $18,700.
On the upside, resistance is still located near $19,450. If the price exceeds $19,650, investors will likely consider buying until $19,950.
The current price of Ethereum is $1,303, with a 24-hour trading volume of $10 billion. In the last 24 hours, Ethereum has plunged over 2%. CoinMarketCap now ranks #2, with a live market cap of $159 billion.
On the technical front, the ETH/USD pair has formed an ascending triangle pattern, which offers immediate support near $1,292. However, $1,300 (the psychological level) is likely to support ETH as well.
Furthermore, the 50-day moving average is supporting ETH’s bullish bias. On the upside, Ethereum’s major resistance levels remain at $1,325 and $1,341.
If the $1,300 support level is breached, ETH may be exposed to the $1,293 or $1,270 support levels. Because the RSI and MACD indicate a bearish trend, traders are likely to trade bearish if the $1,292 level is breached.
In contrast to BTC and ETH, the Casper (CSPR) coin’s price has skyrocketed, making it one of the best-performing cryptocurrencies in recent days.
Casper Pumps Over 27%
Despite the bearish crypto market, Casper has increased by more than 27% in the last seven days to trade at $0.044. Casper (CSPR) is scalable, so it can easily handle a large number of transactions. Casper is a promising cryptocurrency because of its energy efficiency and scalability.
Casper (CSPR) is still in its early stages, but it has already shown tremendous promise. The proof-of-stake consensus algorithm is used by Casper (CSPR), a brand-new cryptocurrency. As a result, Casper (CSPR) is more energy-efficient than other proof-of-work currencies such as Bitcoin.
The upcoming Casper 2.0 update is driving the majority of the bullish sentiment.
Casper 2.0 is being developed and will be released soon. The updated version of Casper will include features meant to make the platform more appealing to users.
An enhanced consensus mechanism, consolidated ledgers and contracts, and a decentralized network of validators are just a few of the forthcoming enhancements. Q1 of 2023 is set as the release date for the new update.
Hence, the upcoming developments fuel market optimism, keeping Casper prices high.
New Crypto Presales
The first step in IMPT.io’s ambition to change the carbon credit business by making carbon offsetting more accessible is online fundraising.
The IMPT coin has already raised $5.7 million from ESG-conscious investors in less than three weeks since its presale began.
Find The Best Price to Buy/Sell Cryptocurrency
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