It has been a week for the history books. Bitcoin has pulverized to its all-time high, and not only that, but the first Bitcoin ETF in history has also started trading.
In this context, Alejandro Zala, Bitpanda’s country manager in Spain, shared with Cointelegraph en Español, his analysis of what is happening with Bitcoin, Ethereum and other cryptocurrencies such as Cardano and Litecoin.
With three long-bodied green candles, Zala said that bitcoin sported a “three white soldiers” pattern on the weekly chart, which “is often considered a reliable bullish indicator.”
“The bulls took over and pushed Bitcoin to a new all-time high of € 57.500. The break from the all-time high occurred after the launch of the aforementioned exchange-traded futures fund (ETF) last Tuesday. The digital asset has outperformed all the major altcoins on the market, increasing its dominance to 48%. This trend has been observed since mid-September, when BTC rose 70% from its lows, ”Zala explained.
Thus, the rally in BTC has further strengthened faith in the asset and caused sentiment to move more positively in the cryptocurrency market in general. Bitcoin shows no signs of slowing down as the Cryptocurrency Fear and Greed Index rose to 84 (extreme greed), from 27 last month (extreme fear).
ProShares Bitcoin ETF: for the annals of history
The ProShares Bitcoin Strategy exchange-traded fund (ETF) entered the history books on October 19 by listing on the New York Stock Exchange under the ticker BITO. The ETF recorded volume of about € 900 million on its opening day, with 24.3 million BITO shares sold, the highest volume of an ETF on its first day.
On the first day there were reportedly € 500 million inflows into BITO, suggesting that the ProShares ETF could position itself as the industry leader in terms of net flows. In just a few days of listing, it has become the fastest fund to reach 1,000 million euros in assets under management. BITO opened the exposure to Bitcoin to a wide segment of investors who already have a brokerage account to buy stocks and ETFs, but not for crypto.
Ethereum bulls closed the gap with their all-time high
BTC has led the race offering the benefits seen in the market in recent weeks. The general market rally was sparked by BTC’s bullish move that started earlier in the month and – according to Zala – has yet to slow down.
“Ethereum ended above the neckline which completed the reverse head and shoulders pattern. The price is trading above the September high and bullish investors have managed to push the price to its all-time high and may try to discover new price levels, “he said.
Polkadot is on the run; with a budget of 650 million euros
On the other hand, Bitpanda’s country manager in Spain, commented that Polkadot has been one of the assets that has performed the best in recent weeks, since it has added 80% from its minimum in September and a whopping 320% since its July minimum.
“DOT broke the resistance of 32.5 euros and is currently trading just below its all-time high reached in May of this year. The founder of DOT, Gavin Wood, has presented a development fund of 650 million euros before the parachain lease auctions ”, highlighted Zala.
“The Polkadot treasury has allocated more than 18.9 million TOD (worth approximately € 650 million at the time of this writing) to a development fund to be disbursed through community governance. The capital will be used to realize the community’s vision of building, enhancing and educating the ecosystem. The new development fund has been announced just before Polkadot’s long-awaited parachain auctions, which are scheduled to start in early November, ”he added later.
Litecoin turns 10
In October 2011, the Litecoin network went live for the first time, marking the debut of what many call “digital silver,” one of the oldest cryptocurrencies on the market.
LTC is slowly approaching the 200 euro mark, although at the same time it has 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 some other factors. Litecoin has a block time of just 2.5 minutes and low transaction fees, making it suitable for microtransactions and point-of-sale payments. The cryptocurrency was created by Charlie Lee.
Cardano exited a triangle pattern with a bullish outlook
“Cardano broke out of a symmetrical triangle pattern (very bullish). A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to break out or break off. The bulls have regained control of the price and are trying to push it towards 2 euros, ”concluded Zala.
(Clarification: The analysis presented here corresponds to the Country Manager of Bitpanda in Spain and under no circumstances is it an investment recommendation from Cointelegraph. Anyone, before investing, must carry out their own investigation and is responsible for their own decisions)
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While Bitcoin And Ethereum Hit All-time Highs This Week, Cardano Appears To Be Trending Upward