The midweek performance of the cryptocurrency market appears to be mixed. A number of large-cap cryptocurrencies are seen in the green, but they are prone to reverting back to the red.
At the launch of Coinmarketcap, on Friday (14/10/2022), the majority of the 10 largest crypto assets with either market capitalization or large caps were in the green over the past 24 hours. For example, the value of Bitcoin (BTC) jumped 2.95 percent to reach US$19,689 (Rs.303 million) per chip.
Bitcoin prices rebounded after briefly weakening to their lowest level since October 2022 following the release of US inflation data.
Tokocrypto trader Afid Sugiono said that the cryptocurrency market is currently fluctuating with a slight increase. This is because investors are concerned about the Fed’s latest hawkish view.
In a written statement, Avid said: “High inflation can cause investors to invest more in fiat money, thus moving away from the market. Therefore, it is only natural that investors choose to wait and see the past couple of days.” Moved on Friday 14 October 2022.
In market conditions like these, Afid said there are several crypto assets that have the potential to consolidate during the second week of October 2022. The list is as follows.
1. TerraClassicUSD (USTC)
TerraClassicUSD (USTC) is the opening cryptocurrency in the bullish crypto-asset list this week. Afid explained that USTC jumped in in response to a new relink proposal from core developer LUNC.
Disclaimer: Every investment decision is in the hands of the reader. Study and analysis before buying and selling cryptocurrencies. Konsep is not responsible for profits and losses resulting from investment decisions.
Looking to the future, Afid, after a proposal to re-peg USTC by the core developer of Terra Classic, Tobias Andersen AKA Zaradar, has seen cryptocurrency prices skyrocket to double proportions.
2. Dogecoin (DOGE)
The value of DOGE crypto is expected to increase due to rumored encouragement from Elon Musk who is rumored to be buying Twitter for $44 billion, or about 668 trillion rupiah.
As is known, the relationship between Elon Musk and Dogecoin is closely related. Automatically what Musk does causes the Dogecoin price to be affected often.
3. Ivy (HBAR)
Hedera (HBAR) saw a price increase of 8 percent from $0.055 to $0.637 last week, thanks to social encouragement from his community. According to LunarCrush, HBAR has over 200 million social shares, with 44,346 mentions and 418 active contributors.
In addition, British investment firm Abrdn has teamed up with Hedera’s board of directors to improve money management using Hedera Hashgraph technology. These two factors may be able to increase the price of HBAR.
4. Binance Coin (BNB)
The factor that could drive the price of BNB higher is the presence of the BNB Smart Chain network that made a hard fork after exploiting $100 million some time ago. This increase aims to improve exploitation so that the value of BNB will be boosted once again.
The hard fork, aka Moran, will occur on October 12, 2022. Network changes will include fixing a vulnerability in iavl hash check and introducing block headers in sequence checks.
5. Monero (XMR)
Monero (XMR) is a unique crypto asset that takes a different approach in the market. XMR is one of the first cryptocurrencies in the world to prioritize user privacy. To do this, Monero (XMR) has developed several technologies from scratch.
XMR is expected to be bullish this week, driven by the fact that a number of cryptocurrency exchanges will be delisting, making investors play price first.
Previously, the price of Bitcoin on Wednesday (12/10/2022) was in the range of 19,000 US dollars, or 291.7 million rupees. Bitcoin held this level for about a month with some short stops and managed to rise above $20,000.
The largest cryptocurrency by market capitalization, which has seen very low volatility in recent weeks, fell 1.1 percent to $1,902. According to data from coin gauges. The second largest cryptocurrency, Ethereum, fell 2% to $1,282.
Cryptocurrency prices are still under pressure, as CNBC reports, Wednesday, October 12, 2022, with Bitcoin losing nearly 70 percent from its November 2021 high.
Many chart analysts are of the opinion that the cryptocurrency could break to retest June lows around $17,000 and find new lows, likely to reach $10,000 if it fails to hold at $19,000.
Richard Asher, head of trading at BCB Group, said the cryptocurrency market will continue to sleep with small gains.
For now, traders are still watching the economic data that will be released at the end of this week. Although bitcoin’s volatility has been low lately compared to stocks, the correlation between the two remains high.
Bitbank crypto market analyst Yuya Hasegawa said that Bitcoin is holding the $19,000 level, but with the FOMC and CPI meeting minutes next week, the market is likely to refrain from risk.
“Ultimately, it is likely that this data will put pressure on Bitcoin,” Hasegawa said.
On the other hand, prices remained stable even after two major announcements indicating institutional acceptance and adoption of the cryptocurrency on the rise despite the bear market.
Google announced Tuesday that it will explore using Coinbase to store and trade cryptocurrencies. In addition, BNY Mellon said Tuesday that it will add cryptocurrency to the various assets it holds as a custodian.
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