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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

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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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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