Crypto Today: Bitcoin, Ethereum and XRP note slight increase on Thursday
- Bitcoin trades at $67,614, BTC gains slightly on Thursday.
- Ethereum holds steady above $2,500, a key price level for the altcoin.
- XRP notes a slight increase in price, trades at $0.5280.
- Denmark sees bill proposing 42% taxes on unrealized crypto gains, raises concern among crypto traders.
Bitcoin, Ethereum and XRP updates
- Bitcoin price increases on Thursday, BTC holds onto recent gains. Data from Farside Investors shows that Bitcoin-based funds observed inflows of $192.4 million.
- Ethereum stays above key support at $2,500. This level is considered psychologically important for the altcoin.
- XRP trades above $0.5300, climbing slightly on the day.
Chart of the day: Book of Meme (BOME)
BOME ranks among the top cryptocurrencies that yielded relatively high gains for holders in the past 24 hours. The technical indicators on the daily price chart support a bullish thesis for BOME.
The Moving Average Convergence Divergence (MACD) shows green histogram bars above the neutral line. The Relative Strength Index (RSI) nears 63 with more room until the indicator hits the “overbought” region at 70.
BOME could extend gains by 8.2% and test the resistance at $0.01050. It marks an important resistance, which was breached successfully only once in over two months.
BOME/USDT daily chart
If BOME closes under the 200-day Exponential Moving Average (EMA) at $0.00933, it could invalidate the bullish thesis for the meme coin. BOME could sweep support at a level that coincides with the FVG at $0.00834.
Market updates
- Denmark sees the first proposal in the world that recommends a 42% tax on unrealized crypto gains, raising concerns among crypto traders and market participants.
- Kraken, a cryptocurrency exchange platform, has plans to launch its blockchain in 2025, powered by Optimism, an Ethereum Layer 2 scaling solution.
Welcome @inkonchain to the Superchain!@krakenfx is releasing @inkonchain, powered by the OP Stack.
— Optimism (@Optimism) October 24, 2024
Ink will provide a seamless onchain DeFi experience for the crypto-native and crypto-curious, contributing to the adoption of Ethereum. pic.twitter.com/JLkwuJEzk4
- The largest centralized crypto exchange, Binance, announces the launch of Solana-based GOAT Perpetual Contracts in its derivatives trading product.
#Binance Futures will launch the USDⓈ-Margined $GOAT Perpetual Contract at
— Binance Futures (@BinanceFutures) October 24, 2024
️Oct 24 2024, 13:30 (UTC)
Read more https://t.co/YswQcSfaat pic.twitter.com/OVUaTSYYAB
Industry updates
- Binance executive Tigran Gambaryan, who was reportedly held in a prison in Nigeria, has finally been released after nearly eight months. CEO Richard Teng shared the details of Gambaryan’s release and Binance’s plan in an official tweet on X.
We are deeply relieved and grateful that Tigran Gambaryan has finally been released after enduring nearly eight months of detention in Nigeria. Throughout this difficult period, Tigran has shown immense strength, and we commend his resilience in the face of such severe adversity.…
— Richard Teng (@_RichardTeng) October 24, 2024
- Chainlink expands to the Bitcoin blockchain through an integration with Layer 2 chain Botanix Labs.
.@BotanixLabs has joined the #ChainlinkScale program.
— Chainlink (@chainlink) October 24, 2024
As part of this collaboration, Botanix Labs is integrating Chainlink CCIP as canonical cross-chain infrastructure & Chainlink Data Feeds into Spiderchain, an EVM-equivalent Bitcoin L2. #RoadToSmartConhttps://t.co/XQbh1nAyNm pic.twitter.com/62sIsImCoY
- Analysts at crypto intelligence tracker Santiment note that crypto markets have corrected alongside equities amidst rising speculation of the end of the bull market. Analysts identified the top three crypto tokens with a market capitalization of over $500 million, Chainlink, Bitcoin and GOAT Rollup.
Crypto markets have corrected alongside equities as traders increase speculation that the bull rally has come to an end. With crowd optimism transitioning to doubt, these are the $500M+ market cap projects showing the best upside based on buying into the crowd FUD:
— Santiment (@santimentfeed) October 23, 2024
1⃣… pic.twitter.com/OvnvlWdSus
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
