Bitcoin Price and Ethereum - Why Could BTC Go After $20,500?
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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. The total volume of the cryptocurrency market has increased by 93.62% in the last 24 hours, to $2.79 billion.
DeFi's total volume was $5.17 billion, or 6.04% of the cryptocurrency market's total 24-hour volume. In the last 24 hours, the total volume of stablecoins was $78.95 billion, accounting for 92.21% of the total cryptocurrency market volume.
Bitcoin, the leading cryptocurrency, rebounded from the $18,248.46 triple bottom support level and gained 3.79% to trade at $19,807.93. Similarly, Ethereum is experiencing a sharp reversal, trading above $1,300 (the psychological level), after increasing by nearly 3.28% in the last 24 hours.
Top Altcoin Gainers and Losers
Ethereum Name Service (ENS), TerraClassicUSD (USTC), and Lido DAO (LDO) remained the top performers. Ethereum Name Service price has risen by more than 17% to $19.87, while TerraClassicUSD price has soared by 12.42% to $0.0509. Likewise, LDO rose 12.84% to $1.37.
Convex Finance's price has remained bearish, falling 4.38% in the last 24 hours to $5.49.
Despite stronger-than-expected US CPI figures, the market appears to be trading risk-on. Investors appear to be selling cryptos on rumors and buying the fact (assuming higher US inflation figures).
As a result, we have a good opportunity to enter positions, especially given the market's bullish reversal.
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