• Home
  • Blog
  • Weekly Bitpanda Pro market recap #32

Weekly Bitpanda Pro market recap #32

Bitpanda Pro

By Bitpanda Pro

Highlights of the week:

-       Bitcoin sets new all-time-high

-       ProShares Bitcoin ETF: One for the history books

-       Ethereum bulls closed the gap to ATH

-       Polkadot’s in the race; its budget is €650M

-       Litecoin is 10 years old

-       Cardano popped out from triangle pattern with bullish outlook

Bitcoin sets new all-time-high

It was a week for the history books as Bitcoin closed with its highest-ever price in the weekly chart at just over €53,000, but not only that, the first-ever Bitcoin ETF started trading as well. With three green, long-bodied candles, Bitcoin printed the “three white soldiers” pattern on the weekly chart, which is typically considered to be a reliable bullish indicator. The bulls took the matter into their own hands and pushed Bitcoin to a new all-time-high of €57,500. The all-time-high break came on the back of a futures exchange-traded fund (ETF) going live on Tuesday. The digital asset has outperformed every major altcoin in the market as its dominance increased to 48%. This trend has been seen since mid-September as BTC rose some 70% from lows, leading the global crypto market cap up to €2T.

BTC’s rally has renewed faith in the asset and the market and has seen sentiment move more positively in the broader crypto market. Bitcoin is not showing any signs of slowing down as the Crypto Fear & Greed Index rose to 84 (extreme greed), from last month 27 (extreme fear).

ProShares Bitcoin ETF: One for the history books

ProShares Bitcoin Strategy exchange-traded fund (ETF) entered the history books on the 19th of October when it started trading on the New York Stock Exchange under the ticker BITO. The ETF saw around €0.9 billion volume on its opening day, with 24.3M BITO shares changing hands, the highest ever first day volume for an ETF. There were reportedly some €500M worth of inflows for BITO on the first day, suggesting that ProShares’ ETF could rank itself as an industry leader in terms of net flows. In just a few days of trading it has become the fastest fund ever to reach €1B in assets under management. BITO opened exposure to Bitcoin to a large segment of investors who already have a brokerage account for buying stocks and ETFs, but not for crypto.

Ethereum bulls closed the gap to ATH

BTC has led the race causing the massive gains witnessed in the market lately. The total market rally was sparked by BTC’s upward movement which began at the beginning of the month and has not slowed down. Ethereum closed above the neckline which completed the inverse head and shoulders pattern. The price is trading above September’s high and bulls have succeeded in pushing the price to all-time-high and may attempt to discover further, new price territories.

Polkadot’s in the race; its budget is €650M

Polkadot has been one of the best-performing assets in recent weeks as it added some 80% from its September low and a whopping 320% from its July low. DOT broke out from the €32.5 overhead resistance and it is currently trading just below its all-time-high reached in May earlier this year. DOT Founder, Gavin Wood, has unveiled a €650 million development fund ahead of the network’s parachain lease auctions.

Polkadot’s treasury has allocated more than 18.9M DOT (worth roughly €650M at the time of writing) to a development fund that will be disbursed through community governance. The capital will be used to make the community’s vision for building, improving, and educating the ecosystem a reality. The new development fund was revealed just before Polkadot’s highly-anticipated parachain auctions which are scheduled to begin in early November.

Litecoin is 10 years old

In October 2011, the Litecoin network first went live, marking the debut of what many call the “digital silver”, one of the oldest cryptocurrencies on the market. LTC is slowly grinding towards the €200 mark, but at the same time, hit a new all-time low against BTC.

The cryptocurrency was created based on the Bitcoin (BTC) protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments. The cryptocurrency was created by Charlie Lee.

Cardano popped out from triangle pattern with bullish outlook

Cardano broke out of a symmetrical triangle pattern, which is a very bullish pattern. A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to breakout or breakdown. Bulls regained control over the price and are trying to push it back to €2.

Have you been following Bitcoin’s price developments or the smaller caps’ formations and want to act on the market moves on the go? Make sure you trade using our Bitpanda Pro iOS and Android apps.

Bitpanda Pro

Bitpanda Pro