TL;DR

• BTC is up & ETH is up

• BTC over-performed ETH this week 

• Bitcoin dominance is up

• The hot coin we look at this week is $JKL

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BTC & ETH Market Update 📈

Crypto is up this week, with BTC being up 9.0% and ETH up 7.9%:

Bitcoin dominance has increased over the week, starting from 54.4% to a peak of 55.49% and ending at 55.3%. Investor sentiment, regulatory changes, technological advancements, and the overall growth of the cryptocurrency sector shape Bitcoin's market dominance. Its reputation as "digital gold" also enhances its position, making it a key player in the market.

It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.

Bitcoin is on the verge of breaking a seven-month downtrend, with bulls attempting to push BTC past the key resistance level of $68,000.

This move comes as Bitcoin exchange-traded funds (ETFs) reach a record $65 billion in assets, signaling strong institutional demand.

Whale wallets, which closely mirror the accumulation patterns seen before Bitcoin's 550% rally in 2020, are also increasing their holdings, now representing 9.3% of the total BTC supply.

Analysts are optimistic about the short- to mid-term bullish trend, as Bitcoin's price action has cleared important technical levels, including its 200-day simple and exponential moving averages.

However, long-term holders and miners could still apply selling pressure, making the upcoming weekly close crucial for the potential breakout.

Ethereum appears poised for a rally toward the $3,000 mark, driven by bullish technical signals like the inverse head-and-shoulders pattern on the daily chart.

This pattern suggests a reversal of the downtrend, giving analysts confidence in a potential short-term breakout.

However, caution remains as Ethereum has been stuck in a seven-month downtrend, losing over 36% from its yearly high of $4,111 in March 2024.

Some analysts predict a correction to $2,400 before any significant upward movement, with indicators like the relative strength index (RSI) signaling potential weakness.

Ethereum (ETHUSD) Analysis:

Ethereum (ETH) closed at 2,650.09 on October 19, 2024, breaking out of a medium-term downward trend and signaling potential for further gains. A decisive move above the 2,648 resistance could drive the price to 3,240, though a double top formation warns of a possible decline to 2,116. Support is at 2,230, with resistance at 2,900. The negative volume balance weakens the trend, and volatility remains high across various time frames.

Bitcoin (BTCUSD) Analysis:

As of October 19, 2024, Bitcoin (BTC) is experiencing strong upward momentum across short, medium, and long-term timeframes, having broken key resistance levels, including $67,241. This signals potential further increases toward $84,547, though it faces resistance at $71,000. While high RSI levels suggest overbought conditions, the overall trend remains positive, supported by rising investor optimism. Corrections may occur, but Bitcoin's technical outlook remains favorable across all periods.

Expected Trading Ranges:

• Ethereum (ETH): resistance level at $2,900 and support at $2,230.

• Bitcoin (BTC): resistance level at $71,000 and support at $66,000.

Market Outlook:

Bitcoin is nearing a potential breakout from a seven-month downtrend, with resistance at $71,000. Institutional demand is strong, as Bitcoin ETFs hit a record $65 billion. The upcoming weekly close will be crucial for BTC's direction.

Ethereum is gearing up for a potential rally towards $3,000, driven by bullish patterns. A breakout above 2,900 could indicate bullish momentum, while a drop below 2,230 may signal further declines. Elevated volatility suggests cautious trading in the near term.

BTC/ETH ratio has seen an increase:

In the past six days, the BTC to ETH conversion rate has increased from 25.49 ETH on October 13 to 25.84 ETH on October 19, marking an overall rise of about 0.7%. Despite fluctuations, including a significant 2.48% increase on October 15, the rate has gradually improved during this period.

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Hot Coin: JKL 🔥

In this week’s newsletter, we dive into Jackal Protocol’s token with the ticker $JKL.

The price action and volume have been growing consistently and don’t seem to stop any time soon:

What is the project about?

There are many decentralized file storage protocols on Ethereum, but Jackal is the only one available on the Cosmos ecosystem, with all the benefits coming from using the Cosmos tech stack.

Subscribe to WAGMI Premium to read the rest.