Following the Fed’s remarks, the market for cryptocurrencies increased on Wednesday as new buying interest was generated. The entire market capitalization surpassed $1.30 trillion (+2.6% over the course of a day) and began the day at $1.32 trillion. After Bitcoin hit $35K (+2.2%), demand shifted to popular altcoins like XRP (+4%) and Solana (+10%).
Bitcoin rose above $36K early on Thursday before tumbling to $35.1K by the European session, breaking the top limit of the week-long consolidation. From a technical perspective, the latest increase validates the bullish bias. The last reversal occurred at $46K; therefore, the maximum aim for this momentum is there. Bitcoin might not see serious opposition until $41K.
Solana has gained over the last three days, up to fifty percent. The Fibonacci upside target of 161.8% of the initial move from October 12 to October 26 has already been exceeded. The price of this coin has been at its highest point since August of last year, yet it is still 85% less than when it peaked exactly two years prior. Although there’s no technical barrier between $48 and $75, the market appears to be overheating locally already.
News background
If authorities approve the product, a number of the biggest market makers globally may supply liquidity for BlackRock’s bitcoin ETF, according to CoinDesk. BlackRock has already had conversations with Jane Street, Virtu Financial, Jump Trading, and Hudson River Trading. BlackRock recently revised its SEC filing in order to introduce the ETF.
Anthony Scaramucci, the founder of SkyBridge Capital, a hedge fund, claimed that October was likely their greatest month ever. According to him, Bitcoin had a successful month. Additionally, the fund has a large holding in Solana, up 70% this month.
The stablecoin’s creator, Tether, disclosed its reserves for the third quarter of 2018. The financial behemoth reportedly had $3.2 billion in excess reserves.
During public testing, the TON blockchain completed close to 105,000 transactions per second (TPS), setting a new world record. This amount surpasses both the top speed of the centralized payment systems, Visa and Mastercard, and all verified outcomes of other blockchains. Solana was the former recipient of the title of fastest blockchain.
