empty
31.10.2022 05:55 PM
Cryptocurrencies ended the week on a high note and continue to grow

The price of digital gold closed last week at $20,700, showing an increase of 8.4%. The growth engine of the main digital asset and the cryptocurrency market as a whole was a tangible strengthening of the American stock indices.

This image is no longer relevant

Thus, in one trading session on Friday, the stock index The Dow Jones Industrial Average rose by 2.59%, S&P 500 increased by 2.46%, and the NASDAQ Composite - by 2.87%.

By the way, since the beginning of 2022, analysts are increasingly drawing attention to the high level of correlation between the US securities market and virtual assets against the backdrop of a general tense expectation of the consequences of the geopolitical conflict in Eastern Europe and further steps by the US Federal Reserve.

Earlier, experts of the investment company Arcane Research have already stated that the correlation of BTC and technology securities has reached its maximum since July 2020.

The day before, the economists of the analytical platform TradingView also reported that the relationship between the cryptocurrency and the US stock markets reached 70% in the last quarter.

At the time of writing, digital gold is trading at $20,752.

Bitcoin's main competitor, Ethereum, also closed the trading week with growth, soaring by 18.07% over the past week. The value of the altcoin reached $1,583 at the time of writing, despite the fact that over the past day its value has decreased by 3.23%.

As for the top 10 cryptocurrencies by capitalization, all coins except XRP traded in the green zone last week. At the same time, the worst results were demonstrated by XRP (-1%), and the best ones - by DOGE (+95%), SOL (+17.7%), ADA (+15.9%) and BNB (+13%).

Throughout the past week, the attention of crypto enthusiasts was riveted to the meme coin Dogecoin, which has grown by 95% over this period. Last Friday, the altcoin reached $0.1 for the first time since May of this year and took eighth place in the ranking of digital assets by capitalization, surpassing Cardano and Solana. At the time of writing, the cryptocurrency is trading at $0.117.

Over the past week, the capitalization of Dogecoin has almost doubled: from $8 billion to $15.54 billion.

The provocateur of such obvious enthusiasm in the virtual asset market for the umpteenth time was CEO of electric car manufacturer Tesla Elon Musk. Another short tweet from the billionaire posted on Thursday blew up the crypto market and allowed Musk's favorite coin to reach new price heights. In his account, the entrepreneur announced that the deal to buy Twitter is supposed to be closed by Friday.

On Friday, the world media broke the news that the founder of Tesla closed the acquisition of the company for $44 billion, and former Twitter CEO Parag Agrawal and CFO Ned Segal left its headquarters.

Recall that the meme coin Dogecoin appeared in 2013, and the Shiba Inu dog was chosen as its symbol. The dizzying rise of the coin occurred in the past year after Elon Musk began to mention it in every possible way on his Twitter account. Since then, crypto enthusiasts have called DOGE "Musk's favorite cryptocurrency."

As of Monday morning, the total market capitalization of cryptocurrencies exceeds $1 trillion, according to CoinGecko data.

Since last November, when this figure exceeded $3 trillion ($3.08 trillion),

Since November last year, when this figure exceeded the $3 trillion ($3.08 trillion) mark, it has decreased by more than three times.

Forecasts of crypto experts

The unpredictable behavior of the digital coin market in recent weeks gives rise to the most unexpected forecasts from analysts regarding its future prospects. Thus, for example, Raoul Pal, a popular crypto trader and leading expert at Rekt Capital, announced the day before that BTC would soar to new historical highs in the near future.

After analyzing the Bitcoin chart, Pal noted that since the beginning of October, the coin has undergone obvious changes. Thus, throughout the summer and September, the lowest price of the asset was $19,000, at the beginning of this month it was trading at a maximum of $20,000, and by mid-October it had fallen to $18,000.

At the same time, Bitcoin has shown fantastic performance over the past week, approaching a month and a half high of $21,000 in the moment. The analyst is confident that in the next six months or a year, the cryptocurrency market will begin to grow exponentially. Pal considers the key condition for this to be the absence of macroeconomic shocks, which have been strongly affecting global markets since the beginning of 2022.

The popular crypto trader Ton Weiss made an even more positive forecast for BTC the day before. According to the expert, in 2023 the cost of Bitcoin will reach a six-figure number.

Meanwhile, trader Michael van de Poppe suggested that in the next two to three weeks, the first cryptocurrency will break through to the price level of $30,000.

Analyst under the nickname TechDev also made a bullish outlook for BTC. As a key argument, he cites the high consolidation of the value of digital gold and the NASDAQ index, which peaked in April 2021.

Irina Maksimova,
Especialista em análise na InstaForex
© 2007-2025
Selecionar intervalo de tempo
5
min
15
min
30
min
1
hora
4
horas
1
dia
1
s.
Ganhe com as variações das taxas das criptomoedas com a InstaForex.
Baixe o MetaTrader 4 e abra a sua primeira operação.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    PARTICIPE DO CONCURSO

Recommended Stories

Resumo de notícias do mercado dos EUA para 14 de março

Ontem, o índice S&P 500 atingiu o nível-alvo de 5.516, o mesmo nível observado em 20 de junho de 2024, que corresponde à retração de Fibonacci de 23,6% de toda

Natalia Andreeva 15:50 2025-03-14 UTC+2

O ouro atinge um recorde próximo de US$ 3.000 por onça. Por que os investidores estão abandonando as ações em massa?

Índices de Wall Street caem 1%, S&P 500 confirma correção As mudanças tarifárias de Trump afetam o sentimento O ouro atinge a maior alta de todos os tempos, a US$

Thomas Frank 15:45 2025-03-14 UTC+2

Confronto de gigantes corporativos: As ações da Intel sobem, a PepsiCo perde terreno

As ações da Intel saltaram após a notícia de que a TSMC estendeu uma joint venture para os fabricantes de chips americanos. A PepsiCo, por outro lado, caiu devido

15:17 2025-03-13 UTC+2

Resumo de notícias do mercado dos EUA para 13 de março

As ações da Intel subiram após a notícia de uma proposta da TSMC para apoiar os fabricantes de chips dos EUA, fortalecendo a confiança dos investidores no setor de semicondutores

Ekaterina Kiseleva 14:58 2025-03-13 UTC+2

Resumo de notícias do mercado dos EUA para 12 de março

O S&P 500 está sendo negociado em baixa, mas pode reverter para cima: os osciladores sinalizam uma reviravolta As guerras comerciais aumentam: Trump impõe novas tarifas, e os mercados respondem

Irina Maksimova 16:11 2025-03-12 UTC+2

Negócios vs. Trump: Empresas perdem bilhões devido à política de tarifas

O número de vagas nos EUA aumentou para 7,74 milhões em janeiro Kohl's cai devido à péssima previsão de vendas anuais Companhias aéreas pressionam o Dow Transports Trump mantém intenções

Thomas Frank 16:11 2025-03-12 UTC+2

Tesla perde US$ 125 bilhões, Nasdaq cai 4% com o aumento da incerteza econômica

Ações de criptomoedas caem devido aos baixos preços do Bitcoin HSBC rebaixa as ações dos EUA S&P 500 fecha abaixo da média móvel de 200 dias Nasdaq sofre a maior

Thomas Frank 20:11 2025-03-11 UTC+2

Resumo de notícias do mercado dos EUA para 11 de março

pós uma forte liquidação em Wall Street, que levou o Nasdaq 100 à sua pior queda desde 2022, os mercados começam a mostrar sinais de recuperação. Os futuros do S&P

Natalia Andreeva 17:14 2025-03-11 UTC+2

A queda acentuada da inflação na China e a queda do BTC para US$ 80 mil geram preocupação entre os investidores

Os futuros caem depois que Trump se recusa a descartar os riscos de recessão. Os preços ao consumidor da China caem no ritmo mais rápido em 13 meses em fevereiro

16:16 2025-03-10 UTC+2

Resumo de notícias do mercado dos EUA para 10 de março

Os futuros de ações dos EUA caíram à medida que os investidores buscaram ativos de refúgio seguro, em meio a crescentes preocupações sobre a desaceleração da economia

Irina Maksimova 15:39 2025-03-10 UTC+2
Não pode falar agora?
Faça sua pergunta no chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.