Bitcoin rose to one month high of $50,380 on October 5 in continuation of its bullish momentum ever since the price rebounded above the $47,120 mark on Oct. 3. Bitcoin price is thus marking the third straight day in the green. The bullish move from BTC rippled across the cryptocurrency markets and helped lift Altcoin prices. A top gainer remains Standard Tokenization Protocol (STPT) which rallied nearly 300% to reach highs of $0.21 on Oct. 5.
The STPT is the native cryptocurrency of the Standard Tokenization Protocol (STP) Network, a decentralized network that aims at facilitating the creation and usage of tokenized assets across the globe. In Mid-September, STP Network announced that STPT holders could book flights, hotels on Travala.com and even get a horse-drawn carriage ride around Central Park and tours of the Statue of Liberty.
Secret (SCRT) is the native coin of Secret Network, a blockchain with data privacy for smart contracts by default. Secret Network (SCRT) rallied to highs at $4.38 on Oct. 5 after marking the 6th day in the green. Taken from Sept. 30 lows of $1.78, SCRT is up 146%. Other notable increases include a 65.81% gain for Shiba Inu (SHIB) and a 37.4% surge in Symbol (XYM) price.
Shiba Inu (SHIB) has posted an impressive rally since the start of October, marking the 7th day in the green. The present rally seems unabated as the price rose further from yesterday’s high of $0.00001520 to reach highs of $0.00001620 seen at the time of writing.
Here Is More To Expect!
Raoul Pal, Founder/CEO of Global Macro Investor stated on Oct. 3 ”I’m finding it very hard to not get extremely bullish about the next few months. Almost every crypto chart looks coiled and ready for a big move after months of consolidation”. Speaking further on the bullish potential across the markets, He continued-
”Almost every chart of every crypto looks equally coiled, even the small, underappreciated projects”.
Cryptoanalyst Michaël van de Poppe who shared the GMI CEO’S insight indicated that a look at previous price behavior suggested upside was the more likely conclusion for present movements, with a dip likewise limited in scope.
“Given the conclusion from historical price action, it seems more likely that Bitcoin will be breaking upwards towards anything around $50,000 or maybe even the recent high, and then comes down towards $49,000 before we continue to rally back up,”
BTC token circulation, on-chain metric supplied by Santiment shows that Bitcoin may be on the cusp of another big week in terms of price action-
”Bitcoin has seen its token circulation surging the past week. One of the most reliable indicators in #crypto, the amount of unique tokens moving on $BTC’s network hit its highest week since May. If this stays high, we could be in for another big week”
Other on-chain metrics support bullish price movements. A shared insight from Cryptoquant indicated that BTC Daily NetFlow with Stablecoins supply ratio looked similar to that of Q4 2020 which was very bullish lasting until Q1 2021.
Cryptoquant’s Spent Output Profit Ratio (SOPR) for both long-term (LTH) and short-term (STH) investors is also indicative of bullish price movements. It notes that LTH-SOPR recently had a reset to 1.0 followed by an aggressive bounce. Stating that this usually happens at the end of bear markets/during pre bull markets. STH-SOPR also flipped positive and indicates a stop in profit-taking and sufficient demand so that selling pressure can be absorbed.
Conclusively, in Raoul Pal’s words ”Things are happening so fast, and with such quantum leaps in NFT world, that I am struggling to get to grips with it, let alone all of the projects and breakthroughs”.
Image Credit: Santiment, Cryptoquant, Shutterstock