On Tuesday, October 12, most cryptocurrencies have weakened their prices as most are trading lower. Aside from Bitcoin, the other top nine cryptocurrencies are lower at the time of writing this article at 09:00 EST.
According to CoinMarketCap, Bitcoin is marginally up 1.77% currently trading at $ 57,546.41. The flagship cryptocurrency has risen in price to this level for the first time since May, as market analysts anticipate that the cryptocurrency will retest the all-time highs reached in April this year: the $ 65,000 level.
Ether, the second-largest cryptocurrency by market cap and the currency associated with the Ethereum blockchain, is less than 0.31% at $ 3,508.62.
Cardano also loses its price 4.36% to $ 2.12, Binance Coin is trading 2.34% lower at $ 407.23, XRP is down 4.92% to trade at $ 1.10, Solana is It plunges 5.07% to $ 143.46, Polkadot is down 4.97% to $ 33.32 and Dogecoin slides 4.10% to $ 0.2258.
Overall, while the global cryptocurrency market capitalization is down 1% to $ 2.30 trillion compared to the previous day, the total cryptocurrency market volume increased more than 7% to $ 105.63. billion.
Some of the renowned analysts have introduced themselves and explained the phenomena that take place in the cryptocurrency market.
Mike McGlone, senior commodities strategist at Bloomberg Intelligence, has explained the reasons why the prices of Bitcoin and Ethereum will rise.
The analyst claims that Bitcoin could see a surge during the fourth quarter due to several fundamental catalysts.
He said that many investors concerned about inflation and debt may be willing to put their faith in Bitcoin, which gives crypto its hard supply.
“In relation to rising US debt and tensions over potential default, Bitcoin may be entering a unique phase for a price surge in the fourth quarter as markets gain confidence in coding that defines the supply of cryptocurrencies. The debt ceiling drama can work against managers who avoid allocations to Bitcoin, ”said McGlone.
In other words, the price of Bitcoin could skyrocket to a 5-month high, surging more than 30% in October. As economies around the world began to reopen and accelerate their way back to recovery, Bitcoin’s rally indicates investor confidence in the global economy and its growing position as an asset class.
Meanwhile, McGlone also highlighted that Ethereum is likely to see a price surge as well. He stated that the EIP-1559 update appears to put pressure on the supply of ETH, which in the long term could benefit the asset and improve its price.
Ethereum’s floor just below $ 2,000 from May to July appears to have added a check to $ 3,000 for Q4, tipping risk versus reward towards further price appreciation. These are likely to continue to be the early days of price discovery for Ethereum, ”noted McGlone.
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