Bitcoin Price and Ethereum - Why Could BTC Go After $20,500?
On October 14, the cryptocurrency market is on the rise with the total market capitalization of all cryptocurrencies increasing by 2.79% to $944.24 billion. The total volume of the cryptocurrency market has increased by 93.62% in the last 24 hours, to $2.79 billion.
DeFi's total volume was $5.17 billion, or 6.04% of the cryptocurrency market's total 24-hour volume. In the last 24 hours, the total volume of stablecoins was $78.95 billion, accounting for 92.21% of the total cryptocurrency market volume.
Bitcoin, the leading cryptocurrency, rebounded from the $18,248.46 triple bottom support level and gained 3.79% to trade at $19,807.93. Similarly, Ethereum is experiencing a sharp reversal, trading above $1,300 (the psychological level), after increasing by nearly 3.28% in the last 24 hours.
Ethereum Name Service (ENS), TerraClassicUSD (USTC), and Lido DAO (LDO) remained the top performers. Ethereum Name Service price has risen by more than 17% to $19.87, while TerraClassicUSD price has soared by 12.42% to $0.0509. Likewise, LDO rose 12.84% to $1.37.
Convex Finance's price has remained bearish, falling 4.38% in the last 24 hours to $5.49.
Despite stronger-than-expected US CPI figures, the market appears to be trading risk-on. Investors appear to be selling cryptos on rumors and buying the fact (assuming higher US inflation figures).
As a result, we have a good opportunity to enter positions, especially given the market's bullish reversal.
Here are some of the noteworthy events in the crypto news section:
The United States experienced annualized consumer price inflation of less than 9% in September 2022 for the third month in a row. The rate was lower than the 8.1% predicted by the market, but it was still higher than the low point
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