On October 14, the cryptocurrency market is on the rise, with the total market capitalization of all cryptocurrencies increasing by 2.79% to $944.24 billion. Total cryptocurrency market volume increased by 93.62% to $2.79 billion in the past 24 hours.
Total DeFi volume was $5.17 billion, or 6.04% of the total 24-hour volume of the cryptocurrency market. In the past 24 hours, the total stablecoin volume was $78.95 billion, which is 92.21% of the total cryptocurrency market volume.
Bitcoin, the major cryptocurrency, rebounded from triple bottom support at $18,248.46 and gained 3.79% to trade at $19,807.93. Similarly, Ethereum is seeing a sharp reversal and is trading above the psychological level of $1,300 after surging nearly 3.28% in the past 24 hours.
Top altcoin winners and losers
Ethereum Name Service (ENS), TerraClassicUSD (USTC) and Lido DAO (LDO) remained the top performers. Ethereum name service price rose over 17% to $19.87, while TerraClassicUSD price rose 12.42% to $0.0509. Similarly, LDO rose 12.84% to $1.37.
The price of Convex Finance continues to decline, dropping 4.38% to $5.49 in the past 24 hours.
Despite a better than expected CPI in the United States, the market seems ready to take risks. Investors seem to be selling cryptocurrencies based on rumor and fact buying (assuming higher US inflation numbers).
Therefore, we have a good opportunity to initiate positions, especially given the bullish reversal in the market.
Cryptocurrency News Highlights
Here are some of the notable happenings in the crypto news space:
US inflation at 40-year high
The United States recorded annualized consumer price inflation below 9% in September 2022 for the third consecutive month. The rate was below the market forecast of 8.1%, but still above the February low.
For the second time in three months, core CPI rose 0.6% month-on-month. The consumer price index (CPI) rose 0.4% month-on-month and 8.2% year-on-year.
Moreover, the annual rate remained well above the 2% target set by the US Federal Reserve, suggesting that policymakers will maintain their hawkish rhetoric and rapidly raise interest rates.
In September, the US CPI was 296.808, down from 296.171 in August and above market expectations of 296.43.
Although the US dollar initially rallied in response to the better-than-expected US inflation report, it weakened against most other major currencies on Thursday as investors believed the market’s initial reaction to the data was overdone.
The focus will continue to be on preliminary US consumer sentiment and retail sales data, which will be released later today. They could contribute to increased volatility and price movements in the cryptocurrency market.
The current bitcoin price is $19,804.53 and the 24-hour trading volume is $48.62 billion. Bitcoin is up 3.73% in the past 24 hours. CoinMarketCap currently ranks number one with a live market cap of $379 billion.
From a technical standpoint, the triple bottom pattern has extended key support at $18,250. Bitcoin has seen a massive reversal since the US Dollar took a bearish turn, led by triple bottom support and a weaker Dollar.
On the 4-hour timeframe, Bitcoin broke through the 50-day moving average at $19,450, suggesting the possibility of a continuation of the uptrend. Oscillator indicators like RSI and MACD are also in buy territory, suggesting a bullish trend.
Still, bitcoin looks set to break above the $20,450 level. A bullish break above $20,450 could propel bitcoin price to $21,240.
The current price of Ethereum is $1,331.35, with a 24-hour trading volume of $19.24 billion. In the last 24 hours, Ethereum has increased by 3.40%. CoinMarketCap currently ranks Ethereum second with a live market cap of $163.47 billion. There is a circulating supply of 122,785,631 ETH coins and no maximum supply.
From a technical standpoint, Ethereum faces significant resistance at $1,340, which is extended by a downtrend line. On the other hand, the other technical indicators point to an uptrend.
For example, the ETH/USD pair broke above the 50-day moving average, which now serves as support at $1,315. The RSI and MACD both indicate an uptrend and the recent bullish engulfing candle could reinforce that.
All that remains is to wait for ETH to break above $1,340 and then target the resistance levels of $1,400 or $1,445.
Alternative Cryptocurrencies – Tamadoge & IMPT
Tamadoge, a meme coin, rose over 3.07% in the last 24 hours to $0.04112. OpenSea is now selling ultra-rare Tamadoge NFTs for 1 WETH. If you are looking for a place to buy Tamadoge right now, the best cryptocurrency exchanges are OKX, MEXC, XT.COM, BKEX, and BitMart.
Alongside Tamadoge, a new project called IMPT continues to be in the spotlight.
The IMPT token, the project’s own currency, has already raised over $4.2 million after just 10 days of presale, with 237 million tokens sold.
Despite the fact that the blockchain-based carbon credit market held its auctions during a cryptocurrency bear market, demand for the market token remained high.