Crypto Outlook

-BTC: $27,817.24

-ETH: $1,578.14

-XRP: $0.4913

-LTC: $63.17

The global crypto market cap is $1.08T, a 2.67% increase over the last day. The total crypto market volume during the previous 24 hours is $24.65B, which makes a 78.26% increase.

BTC: BTC price increased by 3.44% and decreased by 0.43% over 24 hours and the past seven days. The asset reached a low and high of $26,817.89 and $27,968.93, respectively.

The SEC has decided not to challenge a court’s forceful reversal of its previous denial of Grayscale’s request to transform its Bitcoin trust into a more accessible exchange-traded fund (ETF). The SEC had until midnight on Friday to make a decision on whether to contest the court’s ruling, but it allowed the deadline to pass without pursuing an appeal. In response to this news, Bitcoin (BTC) experienced a significant surge, surpassing $27,000 and currently trading at around $27,950.

Additionally, on October 15, Grayscale confirmed that the SEC’s 45-day window for requesting a rehearing has expired. Consequently, the court is expected to issue its “final mandate” within the next seven calendar days.

Grayscale has reaffirmed its readiness to convert the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) once it receives approval from the SEC. They stated, “The Grayscale team is fully prepared to convert GBTC into an ETF upon receiving SEC approval, and we are eager to provide more information as soon as possible.” This development marks a significant shift in the regulatory landscape, igniting hopes for a more accessible investment opportunity for Bitcoin through an ETF.

ETH: ETH price increased by 1.55% and decreased by 3.14% over 24 hours and the past seven days. The asset reached a low and high of $1,550.88 and $1,588.45, respectively.

Cardano founder Charles Hoskinson has responded to allegations related to the ETHGate scandal, which suggests that Ethereum community members may have attempted to bribe U.S. regulatory officials. Hoskinson has vehemently refuted these claims, particularly in response to criticisms from the XRP community. He took to social media and conducted an Ask Me Anything (AMA) session to clarify his stance on this complex issue.

Hoskinson clarified the fundamental differences between Ethereum and Ripple’s XRP. He pointed out the absence of smart contracts in XRP’s ecosystem, emphasizing that Ethereum has focused on a proof-of-work model. At the same time, Ripple has concentrated on establishing partnerships with banks to facilitate cross-border remittances. As a result, Hoskinson concluded that Ripple was not a direct competitor or a threat to Ethereum. He also identified other blockchain projects, like Nxt and Bitshares, as more significant challengers within Ethereum’s competitive space.

Overall, Hoskinson’s response aims to dispel allegations related to ETHGate and underscores the unique positioning of both Ethereum and Ripple in the blockchain and cryptocurrency landscape while also acknowledging potential competitors to Ethereum.

XRP: XRP price increased by 1.13% and decreased by 4.51% over 24 hours and the past seven days. The asset reached a low and high of $0.486 and $0.4965, respectively.

Ripple’s public blockchain network, the XRP Ledger ecosystem, currently boasts an impressive 58,882,058,146 XRP tokens distributed across various accounts, each stored in 4,812,427 wallets. This achievement represents a significant milestone for Ripple, signalling optimism for the adoption of the cryptocurrency asset and the ongoing expansion of the ecosystem, which could influence the XRP’s price.

This noteworthy development is further complemented by the increasing usage of the XLS-20 standard for NFTs within the XRP Ledger ecosystem. The creation of over 3 million XLS-20 compatible NFTs on this platform opens up new opportunities for artists and NFT collections, promising to attract a wider and more diverse audience into the ecosystem. This influx of users holds the potential to drive substantial growth within the ecosystem.

LTC: LTC price increased by 2.57% and decreased by 2.64% over 24 hours and the past seven days. The asset reached a low and high of $61.45 and $63.11, respectively.

Since its halving event on August 2, Litecoin (LTC) has been on a downward trend. This trend culminated on September 12 September 12 when the price of LTC plummeted to $58. However, the situation took a more favourable turn as large investors, often referred to as “whales,” stepped in to accumulate Litecoin tokens. According to data from IntoTheBlock, whale transactions involving Litecoin surged from 1,800 on September 10, September 10, to 2,900 on September 29, September 29. This accumulation by major investors helped stabilize the coin’s value.

Nevertheless, in October, whale accumulation of Litecoin declined, and the network recorded only 2,040 significant trades, marking a 30% decrease compared to September 29. Despite these fluctuations, the price of LTC has managed to recover, currently trading at $64.60. If this bullish momentum persists, experts in the cryptocurrency space anticipate that the price of Litecoin will rise to $68 and reach $70 in 2023.

This narrative underscores the role of whale investors in influencing the cryptocurrency market dynamics and how their actions can help mitigate or exacerbate price fluctuations. It also highlights the volatility that is inherent in the cryptocurrency space, where various factors, including market sentiment and investor behaviour, can influence prices.

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