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BT Daily News: Cryptocurrency Market Rallies, BTC Up 1.7%, ETH Rises 2.1%

BT Daily News: Cryptocurrency Market Rallies, BTC Up 1.7%, ETH Rises 2.1%

1. Cryptocurrency Market Rallies, BTC Up 1.7%, ETH Rises 2.1%

Cryptocurrency prices were trading in the green on Tuesday morning as Bitcoin (BTC) and Ethereum (ETH) soared along with other altcoins. Meme coins like Dogecoin and Shiba Inu were also trading with gains.

Today's most trending crypto was Santos FC Fan Token, which is a Football team’s fan token.

BTC rallied on Tuesday morning. At 3:19 am, the price of BTC rose sharply from $19,155 to $19,679, which was the highest trading price on October 4. BTC trading volume increased 27.6 per cent to 29.2 billion.

Ethereum: ETH's price soared 2.1 per cent to $1,321 in the last 24 hours to Tuesday morning. Ethereum took similar dips as Bitcoin but was much more volatile. At 3:19 am, ETH fell from $1,288 to $1,323, and reached its intraday high at $1,323 at 5:49 am. Its trading volume rose by 12.4 per cent to $9.4 billion.

2. There is still hope for the public mining sector over the long term

For one thing, so long as Bitcoin is bullish, bitcoin mining companies will also have a bright future despite intermittent periods of bearish market conditions. Even if some mining companies fail, others will take their place.

For another, even the traditional finance analysts see potential in the mining sector, with some analysts calling for “major upside” among public miners, according to CoinDesk, and others praising the “fantastic” fundamentals of some miners. And those fundamentals — for many companies — continue to improve. In September alone, for example, CleanSpark acquired a 36 megawatt site in Georgia, Aspen Creek raised $8 million to expand its solar mining, Rhodium plans to go public, and mining veteran Jihan Wu set up a $250 million fund for distressed mining assets. The mining sector is far from dead.

In many ways, the past couple years represented the very first market cycle for a significant share of the mining market, and nothing ever goes well during the first time roundtripping a market’s ups and downs. Losses will be suffered, valuations will plummet and some companies will collapse completely.

But winners always emerge from periods of market immaturity. And the public mining market’s immaturity is easy to see. For example, every mining stock’s price continues to move nearly in lockstep with bitcoin despite each company having enormous differences in operational strategies, outstanding debts, number of machines online, and more. This shows that the market cares more about bitcoin’s price than the company’s fundamentals. But this immaturity also means there is tremendous upside for growth and maturation. If that isn’t enough reason to make you bullish on mining, nothing will be.

3. Institutions Are Buying Bitcoin Despite Extreme Fear in Crypto Market

Despite retail reluctance, major institutional investors, like the New York Digital Currency Group (NYDIG), are still betting on bitcoin.

NYDIG, one of the companies responsible for financing crypto miners during the 2021 bull run, recently raised $720 million from 59 investors for a product called the Institutional Bitcoin Fund. The company disclosed the information to the Securities and Exchange Commission in a filing on Sep. 29, 2022. The company said its bitcoin balance hit an all-time high in Q3, 2022.

Business intelligence company MicroStrategy, while not new to the club of corporate bitcoin holders, recently scooped up 301 bitcoins to take its total stash to almost $4 billion.

Institutional investors, it would seem, have come to terms with crypto’s inherent volatility and have invested in crypto as a long-term play. A case in point, NYDIG’s fundraising, and Microstrategy’s purchases come at a time when the crypto fear and greed index is planted firmly in the ‘extreme fear’ zone, describing much of the sentiment in the retail market.

4. Upside capped at $980B total crypto market, according to derivatives metrics

Quant (QNT) jumped 15% on speculation that its interoperable blockchain protocol would find adoption across governmental and regulatory bodies.

Maker (MKR) gained 10.6% after MakerDAO launched a proposal to decrease the stability fee for the Curve protocol staked Ether (ETH) pool.

UniSwap Protocol (UNI) gained 10.6% after UniSwap Labs, a startup contributing to the protocol, reportedly raised over $100 million from venture capitalists.

Still, a single week of negative performance is not enough to interpret how professional traders are positioned. Those interested in tracking whales and market markers should analyze derivatives markets.

5. XRP price could rally by 50% based off comments from a former SEC director

XRP is hoping that the token could see a massive price rally in 2022 based off the fingers-crossed assumption that Ripple will win its long-running legal battle against the U.S. Securities and Exchange Commission (SEC).

XRP has since been ousted from many regulated crypto exchanges, including Coinbase and Bitstamp. As a result, it is now among the only top cryptocurrencies that have neither reclaimed nor established a record high during the 2020–2021 crypto market boom, reflecting caution from investors.

Some might argue, that from the vantage point of technical analysis, XRP price remains undervalued compared to other top-ranking cryptocurrencies. And a Ripple win might change that, given the token rallied 20% in a day after Judge Torres's order.
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