On Friday, Bitcoin started the trading session with a sideways movement. At the time of writing, bitcoin is hovering at $20,166.
According to CoinMarketCap, Bitcoin peaked at $20,854 in the past 24 hours.
Altcoin market
Ethereum, Bitcoin's main competitor, also started the trading session with a sideways movement but began to correct later. At the time of writing, the altcoin is trading near $1,502.
As for cryptocurrencies from the top 10 by market cap, all coins, except for USD Coin Stablecoin, were trading in the red zone within the past 24 hours. At the same time, Cardano was the top loser, dropping by 4.92%.
This week, the top ten strongest digital assets showed gains except for several stablecoins. At the same time, Dogecoin added 30% and topped the rank.
According to CoinGecko, the world's largest aggregator of data on virtual assets, in the last 24 hours, among the top 100 most capitalized digital assets the list of leaders was headed by TerraClassicUSD. The coin added 24.22%. The top loser was Toncoin, plummeting by 12.99%.
At the end of the week, Klaytn added 88.08% and showed the best results among the first hundred strongest digital assets, while Chain dropped by 23.37% and showed the worst result.
During this week, the crypto market focused on Dogecoin, which rose by 30% in seven days. At the same time, the real golden hour of the asset happened yesterday. Thus, according to the Santiment analytical company, DOGE rose above $0.072 on Thursday for the first time in 2.5 months. In the middle of the trading session, the coin reached $0.0799, having risen by 21.44%. At the moment of writing this article, the altcoin is trading at $0.0754.
Over the week, the capitalization of the meme-coin soared by $2.5 billion. Last Friday, it was about $8 billion, the previous day it was $10.48 billion. At the time of writing, Dogecoin's market cap dropped to $10 billion.
Elon Musk, the CEO of electric car maker Tesla, has triggered such a wave of enthusiasm in the market. On Thursday, he published a short tweet that spurred the crypto market and took his favorite crypto to new price peaks. Yesterday, the entrepreneur announced on Twitter that the deal to buy Twitter should be closed by Friday.
The news broke this morning in the global media that Tesla's founder has closed a $44 billion acquisition of the company, and former Twitter CEO Parag Agrawal and CFO Ned Segal have left its headquarters.
Notably, the meme-coin DOGE appeared in 2013, and its symbol was a Shiba-Inu. The big boom of the coin happened in 2021 after Elon Musk started to mention it on his Twitter account. Since then, crypto enthusiasts have been calling DOGE nothing less than "Musk's favorite cryptocurrency."
Meanwhile, CoinGecko reports that the total market capitalization of cryptocurrencies exceeds $1 trillion.
Notably, in November 2021, it exceeded $3 trillion ($3.08 trillion).
Forecasts from experts
The unpredictable behavior of the crypto market makes analysts make the most unexpected predictions about its future. Yesterday, famous crypto trader and Rekt Capital's leading expert Raoul Pal said that BTC would take off to a new all-time high.
Having analyzed the chart of digital gold, Pal notes that since the beginning of October, BTC has experienced tangible changes. So, throughout the summer and September, the lowest price of the asset was $19,000. At the beginning of October, it was trading at a high of $20,000, and already by the middle of October, it dropped to $18,000.
At the same time, Bitcoin showed a fantastic performance over the last week, being near the monthly highs of about $21,000. Pal is confident that the cryptocurrency market will begin to grow exponentially in the next six months to a year. The key condition for that, Pal believes, is the absence of macroeconomic shocks that have been putting pressure on global markets since early 2022.
Popular crypto trader Ton Weiss makes more positive forecasts for BTC. According to the expert, the value of bitcoin will reach six figures in 2023.
Meanwhile, trader Michael van de Poppe suggested that the first cryptocurrency would make a breakthrough to $30,000 in the next two to three weeks.
The analyst nicknamed TechDev is also bullish on Bitcoin. He cites as a key argument the high consolidation in the value of the asset and the NASDAQ index, which peaked in April 2021.
Since the beginning of 2022, analysts have increasingly emphasized the high level of correlation between the US stock market and virtual assets, amid intense expectations of both the consequences of the geopolitical conflict in eastern Europe and the further steps of the US Fed.
Earlier, the experts of the investment company Arcane Research have already stated that the correlation between BTC and tech stocks has reached the highest level since July 2020.
In addition, economists from TradingView said that the cryptocurrency market correlated with the US stock market in the past quarter at the level of 70%.
