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Bitcoin Price Explodes, Almost Hits New ATH as Election Week Closes In: Your Weekly Crypto Recap

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What a week has it been for the cryptocurrency market! The volatility went rampant, and Bitcoin almost charted a new all-time high. In fact, it came $150 away from doing so, but the sellers stepped in and pushed the price back. Ultimately, the total market capitalization managed to add some $50 billion as we are headed into the week of the US Presidential Elections. 

To start with Bitcoin, its price was trading at around $68,000 during this time last week, and it almost charted a brand new all-time high, coming $150 away from it on Tuesday. The bulls didn’t have it in them, though, and the sellers intervened, pushing the cryptocurrency lower. It took them a few days, but BTC is currently trading at around $70,000. It’s interesting to see whether or not this level will hold, as it might be pivotal for its next short-term move. 

That said, Bitcoin’s dominance – the metric which tracks its share relative to that of the rest of the market – has also been on the rise. This is particularly indicative of the current dynamics. Altcoins are struggling to keep up as BTC accounts for close to 60% of the total market – a high that we hadn’t seen in three years and a half. 

Stepping away from price action, it’s worth noting that yesterday, October 31st, marked the 16th birthday of Bitcoin’s whitepaper – a date celebrated across the entire industry and, as it turns out, beyond it. 

In a surprising tweet, Donald Trump congratulated the community: 

“I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper […]”

Elsewhere, MicroStrategy announced that it plans to raise a whopping $42 billion over the next three years in its Q3 earnings release. And in case there has been any doubt – yes, they will be using the funds to buy more Bitcoin and improve its “BTC yield” for its shareholders. 

All in all, the week was quite exciting but it’s likely that the upcoming one will bring even more volatility. After all, the entire world is anticipating the result of the US Presidential election on November 5th. Whatever the outcome, chances are that it will have an impact on the crypto market as well. 

Market Data

Market Cap: $2.46T | 24H Vol: $125B | BTC Dominance: 56.4%

BTC: $70,205 (+3.3%) | ETH: $2,536 ( 0% ) | BNB: $578 (-2.3%)

market_update_cover

This Week’s Crypto Headlines You Can’t-Miss

MicroStrategy Announces $42 Billion Capital Plan To Buy More Bitcoin. Although it already is the biggest corporate holder of Bitcoin, the Michael Saylor-founded company MicroStrategy now has plans to raise over $40 billion to continue its massive BTC accumulation spree.

Bitcoin’s Path to $200,000 Doesn’t Depend on Dollar’s Demise, Claims Bitwise CIO. Many BTC critics believe the asset’s path to a six-figure price tag involves the collapse of certain fiat currencies, such as the greenback. However, Bitwise’s CIO asserted that Bitcoin only needs to take a portion of gold’s market share to reach $200,000.

CZ on Whether He Will Resume Binance CEO Role After Prison Release. Former Binance CEO made his first public appearance after being released from prison during this week’s company event in Dubai, where he said he has no plans to resume his former role at the exchange he founded over seven years ago. Instead, he will now focus on mass education.

BlackRock’s IBIT Bitcoin ETF Sees Historic $872M Inflows, Surpassing Previous Highs. It was another big week for the US-based Bitcoin ETFs, and especially BlackRock’s IBIT. The fund broke its own daily record in terms of net inflows on October 30, with $872 million being poured in.

IMX Dumps by Double Digits as SEC Sends Wells Notice to Immutable. Despite the few failures in recent months, the US Securities and Exchange Commission continues its crusade against the crypto industry by sending a ‘Wells Notice’ to the blockchain gaming platform Immutable. Naturally, the protocol’s native token plummeted in response.

Bitcoin Price Reclaims $70K Despite Weaker-Than-Expected US Jobs Data. In the latest jobs report before the 2024 presidential elections, the US announced adding only 12,000 jobs for the previous month – October. This was only 10% of the expected number of 120,000, which was blamed on the two hurricanes that hit the country and the ongoing strike at Boeing.

Charts

This week, we have a chart analysis of Ripple, Binance Coin, Solana, Dogecoin and Maker – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Cryptocurrency

BONK Explodes by 20% Daily as Bitcoin (BTC) Remains Solid at $108K: Weekend Watch

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Bitcoin’s stagnation continues as the asset has made little to no attempt to move away from the $108,000 level.

While most larger-cap alts have produced insignificant gains, TON and BONK have emerged as the biggest gainers on a relatively calm Sunday morning.

BTC Calm at $108K

It has been a quiet period for the primary cryptocurrency. In fact, the latest major price moves came about two weeks ago – on June 23 and 24 – when it dumped to $98,000 before it soared past $105,000 a day later as the Middle East war was going rampantly.

Ever since then, though, the asset has been stuck in a tight trading range between $105,000 and $110,000. It tested the lower boundary on Wednesday, where the bulls stepped up and pushed it south toward the upper one.

On Thursday, BTC showed signs of a breakout attempt when it spiked to a multi-week peak of $110,500, but the bears stepped up at this point and didn’t allow a surge to a new all-time high.

The landscape has been somewhat unchanged since then, as bitcoin quickly returned to $108,000 and has not moved from that level for a few days. Its market capitalization stands strong at $2.150 trillion, while its dominance over the alts is at over 63% on CG.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

BONK on the Run

As the graph below will demonstrate, most larger-cap alts are slightly in the green on a daily scale. Such minor increases are evident from the likes of ETH, BNB, SOL, TRX, DOGE, ADA, BCH, LINK, and XRP. In contrast, HYPE and PI have lost some traction over the past 24 hours.

The biggest gainers are TON and BONK. The former has risen by over 9% and sits at $3, while the meme coin has exploded by 20% and now trades at $0.000022.

The cumulative market cap of all crypto assets has remained relatively stable at $3.4 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

We Asked 4 AIs How High Ripple (XRP) Will Go in 2025: The Answers Might Shock You

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TL;DR

  • Ripple’s price actions are a big prediction topic within the cryptocurrency community, with analysts and believers rushing to offer their insights and forecasts.
  • However, we decided to take a different approach this time and asked four of the biggest AI chatbots (ChatGPT, Perplexity, Grok, and Gemini) about their take on the matter.

2025 Price Targets

All four AI solutions seemed very coherent about XRP’s price potential this year, as Perplexity explained it:

“Ripple’s (XRP) price in 2025 is broadly expected to rise significantly from current levels, with expert forecasts varying but generally bullish.”

Although Ripple’s cross-border token has stalled in the past few months and is actually slightly in the red since the start of the year, all AIs had similar conclusions about its price moves until the end of the year.

ChatGPT laid out three potential scenarios, with the conservative one being at $3.4, which would match the asset’s all-time (and yearly) high. The optimistic is set at $5-$6, and the “aggressive forecasts” put the token at $10-$15 by the end of the year.

Google’s Gemini had similar ideas in mind, saying that “a realistic high could be in the $5-$10 range.” Perplexity also joined the $5-$10 club, which could be reached under “favorable conditions” (more on that later).

Grok was slightly more specific and was the only one that said XRP can finish the year lower than its current price tag. It noted that a “realistic price range” for the asset this year is somewhere between $1.8 and $5.81. Although that’s a pretty wide range, it concluded that the most likely peak will come somewhere between $3 and $4.5.

The Favorable Conditions

When it came down to outlining the factors that could impact XRP’s price moves this year, the AIs were once again aligned in their answers. First, they mentioned regulatory clarity and the official conclusion of the lawsuit against the SEC.

Although Ripple CEO Brad Garlinghouse stated in March that the case had been resolved and there had been several developments on the matter, the judge overseeing the case has yet to agree fully.

Second, the AIs brought up institutional adoption and bullish partnerships, such as those with Santander, SBI Holdings, and others. A spot XRP ETF will also play a significant role in the asset’s price trajectory this year, if approved, said the chatbots. According to ETF experts, the current odds stand at nearly 100%.

Lastly, the AI solutions highlighted the overall crypto market trends:

“Bitcoin’s post-halving performance and a pro-crypto U.S. administration under President Trump could fuel bullish sentiment across the crypto market, benefiting XRP,” – answered Grok, which was similar to what the others had to say.

Despite these bullish predictions for 2025, all four chatbots clarified that these are just that – speculative forecasts that might or might not come to fruition. Investors should do their own research before allocating funds to any cryptocurrency (or other asset, for that matter).

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Ethereum Price to Hit $6K This Year? Analysts Make Bold Call

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If pseudonymous analyst Weslad is to be believed, Ethereum (ETH) is caught in a tug-of-war between wildly differing futures: a historic surge past $6,000 or a soul-sapping plunge to $1,800.

The market technician claims that ETH is completing a massive ABCDE wave structure within a years-long “symmetrical pennant,” which can only mean one thing: explosion.

The Roaring Bull Case

In a recent breakdown, Weslad explained that Ethereum’s price action since its $4,851 all-time high has formed a giant consolidation pattern. According to him, this structure is now approaching a critical inflection point known as wave D, testing its upper boundary.

At the same time, a bullish Inverse Head and Shoulders (IH&S) pattern is emerging on the daily chart, with its neckline acting as stubborn resistance near $2,855.

This technical confluence suggests a coiled spring ready to unleash tremendous energy into the market, leading the analyst to state unequivocally:

“A confirmed breakout above the neckline [$2,855] would likely validate both the IH&S and the breakout from wave D, setting the stage for a potential expansion move toward the $6,000 target and beyond.”

Weslad’s audacious target found an ally in fellow strategist Jeremy Fielder, who declared in a video posted on X:

“We’re looking at $6,500 Ethereum by the end of the year and then a possible 10,000 Ethereum in early next year… Regulation is now pro-crypto. That’s all you need to know.”

He based his argument on the accelerating adoption of Web3 and a favorable regulatory shift, dismissing granular metrics in favor of a sweeping bullish tide.

While not as lofty a milestone as Weslad’s and Fielder’s, market watcher Titan of Crypto’s $4,100 target is not far off the ballpark. His thesis is hinged on Ethereum’s successful recovery back inside its crucial weekly trading range, noting that momentum is building towards the range high.

Looming Bear Trap

But don’t celebrate just yet. Weslad’s otherwise bullish analysis also comes with a stark warning for the downside scenario. He suggested that if ETH faces rejection at the critical $2,855 neckline resistance or the upper boundary of the pennant, a retracement into wave E becomes highly probable.

According to him, this trajectory would drag the price down towards a “high-confluence demand zone” spanning $1,400 to $1,800. That’s a potential 40% collapse from current levels.

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