Cryptoventure investors interested in AI direction

Cryptocurrency investors invested $213 million in AI-related projects in the third quarter of 2024, according to a report by Messari.

This is a 340% increase from last year's figure and a 250% increase from the previous reporting period.

The investments are in various sectors like decentralized platforms, social networks, DeFi, DePIN and others.

“While total venture capital funding in Q3 2024, at $3.8 billion, is down slightly from previous quarters, the strong focus on AI and DePIN suggests that venture capitalists are positioning themselves for long-term growth in sectors that they believe will define the next phase of the crypto industry,” the experts said.

Outside the digital asset sector, total investments in generative AI amounted to $3.9 billion in 206 deals. Such data is cited by PitchBook, TechCrunch writes. However, it does not take into account the OpenAI deal, which in early October attracted $6.6 billion at a valuation of $157 billion.

Interest in AI is growing

Discussions of AI-related topics grew by 50% in October.

The positive dynamics was recorded amid the growth of Nvidia shares to a new historical maximum. The company is one of the key beneficiaries of the AI boom thanks to sales of its chips for technology-oriented startups.

In August, Binance Labs Investment Director Max Coniglio explained the reasons for the company's plunge into the AI sector.

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Matrixport recorded a record on the BTC options market

Activity in the bitcoin (BTC) options market has increased significantly in 2024. This was due to the approval of trading in spot ETFs on the cryptocurrency. According to the latest data from Matrixport, bitcoin contract transaction volumes have reached a new peak of $71.2 billion, reflecting a global increase in interest from institutional investors.

According to analysts, this is directly related to the fact that the US Securities and Exchange Commission (SEC) approved bitcoin options on spot ETFs this year. This decision has seriously fueled expectations of further growth in trading volumes.

The main impetus for this jump in activity came after the approval of ETFs from BlackRock, one of the largest players in the financial services market. Such initiatives are expected to continue to attract the attention of large institutional investors looking to capitalize on new opportunities in the crypto market. This is especially important in the context of bitcoin's continued evolution with each new bull market cycle.

Analysts note that the surge in trading volume of derivative contracts may also affect further volatility in the BTC price. With increasing interest from major players and deepening liquidity in the market, bitcoin is increasingly becoming part of mainstream investment portfolios. Further development of the options market is expected to help stabilize the price of the digital asset, which will have a positive impact on investors' long-term strategy.

Experts also predict that bitcoin options may become an important tool for hedging risks, especially in conditions of uncertainty in traditional markets. The emergence of such instruments indicates the maturation of the cryptocurrency market and the growth of its attractiveness for participants with a long-term investment strategy.

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5 token unlocks to watch out for next week

We tell you which tokens will be unlocked in the coming week and how major unlocks could affect market dynamics.

Usually, the team works out the tokenomics carefully so as not to cause a lot of selling pressure at various stages of unlocking and thereby collapse the token price. Nevertheless, some factors, such as lack of liquidity or profit taking by early investors immediately after token unlocking, can seriously hit the asset's price.

Cardano (ADA)

-- Unlock date: October 22
-- Number of unlocked tokens: 18.23 million ADA
-- Circulating supply: 35.72 billion ADA

SpaceID (ID)

-- Unlock Date: October 22
-- Number of tokens unlocked: 18.49 million IDs
-- Current circulating supply: 430.50 million IDs

EigenLayer (EIGEN)

-- Unlock date: October 22
-- Number of tokens unlocked: 1.29 million EIGENs
-- Circulating supply: 186.58 million EIGEN

Ethena (ENA)

-- Unlock date: October 23
-- Number of tokens unlocked: 12.86 million ENA
--Current circulating supply: 2.74 billion ENA

Yield Guild Games (YGG)

-- Unlock date: October 27
-- Number of tokens unlocked: 14.08 million YGG
-- Current circulating supply: 386.40 million YGG

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Token unlocks to watch out for in October

In September, more than $3.4 billion worth of tokens will be unlocked, almost half of which are cliff unlocks.

BeInCrypto's editorial team has compiled five key token unlocks to watch out for in September.

Top token unlocks in October

According to TokenUnlocks, the total volume of cliff unlocks in October exceeds $1.6 billion, Investors and traders are keeping a close eye on these events as unlocks bring previously unavailable tokens into circulation and thus impact the market.

“October is just around the corner - stay informed and don't succumb to FOMO! With $3.46 billion worth of tokens scheduled to be unlocked this month, you need to keep a close eye on the market,” the Token Unlocks team wrote.

Celestia (TIA), Sui (SUI), Immutable (IMX), Aptos (APT) and Arbitrum (ARB) made the list of October's biggest kltff unlocks.

Sui (SUI).

The Sui project will unlock 64.19 million tokens on the first day of October. Coins worth more than $105 million represent 2.40% of SUI's current circulating supply. The distribution will be as follows:

-- Series A: 19.84 million SUI ($32.93 million)
-- Series B: 19.32 million SUI ($32.07 million)
-- Early entrants: 10.34 million ($17.16 million)
-- Mysten Labs Treasury: 2.07 million SUI ($3.44 million)
-- Community Reserve: 12.63 million SUI ($20.96 million)

Immutable (IMX).

Immutable will release 32.47 million IMX tokens worth nearly $60 million into circulation on October 4. The unlocked tokens represent 2.06% of the circulating IMX supply. The coins will be distributed as follows:

-- Ecosystem development: 15.91 million IMX ($28.96 million)
-- Project Development: 16.56 million IMX ($30.14 million)

Aptos (APT).

On October 11, Aptos will issue 11.31 million APT tokens to the market, representing 2.25% of the asset's total supply. The aggregate value of these coins is $96.25. The released tokens will be shared between the Aptos Foundation, the community, investors and the project team.

-- Fund: 1.33 million APT ($11.35 million)
-- Community: 3.21 million APT ($27.32 million)
-- Developers: 3.96 million APT ($33.69 million)
-- Investors: 2.81 million APT ($23.90 million)

Arbitrum (ARB).

On October 16, Arbitrum will unlock 92.65 million ARB tokens worth $61.90 million. This represents 2.56% of ARB's circulating supply. Here's how this batch of coins will be distributed:

-- Team, future employees and advisors: $56.13 million ARB ($37.50 million)
-- Investors: ARB 36.52 million ($24.40 million)

Celestia (TIA).

Rounding out our list is Celestia. On October 30, the project will unlock 175.56 million TIA tokens worth about $1.12 billion. These tokens will be distributed to early investors and core team members.

-- Series A&B investors: 65.01 million TIAs ($414.76 million)
-- Seed round investors: 52.47 millionTIA ($334.76 million)
-- Key team members: 58.08 million TIA ($370.55 million)

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October calendar: Zcash anniversary and bitcoin white paper

On the last day of September, ForkLog magazine prepared a traditional calendar of important events for the next month.

-- October 10 - publication of the consumer price index and inflation data in the United States.
-- October 22-23 - Blockchain Life 2024 international forum.
-- October 27 - discontinuation of the Vega Protocol blockchain and the VEGA token.
-- October 28 - eighth anniversary of the launch of Zcash.
-- October 31 - 16th anniversary of bitcoin white paper publication.

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Notcoin (NOT) is targeting a 30% jump

The native token of the popular “tapper” Notcoin NOT appears to be gearing up for a new wave of growth. If this happens, many holders who are currently incurring losses could go to zero or make a profit.

On September 23, Notcoin was trading around $0.0073. At the time of writing, the altcoin's price has risen to $0.0094. Let's understand what caused the recent rally and what to expect from NOT next.

Notcoin is aiming for new achievements

Notcoin's price growth can be explained by a surge of activity on the network: the number of active addresses has increased by 35% over the past seven days. The number of addresses with a non-zero balance, meanwhile, has soared by 90%.

If the trend continues, Notcoin's price could increase by another 30%, potentially reaching the $0.012 mark. According to an analysis by Global In/Out of Money (GIOM), such a jump could profit 23,848 addresses holding more than 62 billion tokens.

GIOM shows how many addresses are making or losing money at the current price, and helps understand how much holders will earn if the price reaches a certain level.

Notcoin holders who bought NOT at a price between $0.0095 and $0.012 are now taking losses. If the asset reaches $0.012 again, 62 billion tokens will be in profit.

NOT price forecast: a rebound is on the horizon

According to the daily chart, the Notcoin price approached $0.011, but then fell to $0.0094. However, the Parabolic Stop And Reverse (SAR) indicator is signaling that the uptrend may continue.

When the dashed lines are below the price, the trend is considered to be uptrending. The Moving Average Convergence-Divergence (MACD) indicator, which measures momentum, also supports this position.

According to Fibonacci levels, Notcoin's price could rise 30% in the coming weeks, reaching the $0.012 mark. However, if the market trend turns bearish, the altcoin risks falling to $0.0082.

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Bitcoin price will exceed $73,794 in November 2024

A technical analyst known by the pseudonym CryptoCon predicts that the bitcoin exchange rate will hit an all-time high in November 2024.

For the past two cycles on the two-week chart, the Ishimoku cloud indicator has correctly predicted when the bitcoin price would hit an all-time high. This happened after a bullish cross appeared on the chart following a red cloud in the middle of the cycle,” CryptoCon wrote.

The expert drew an analogy with previous trends and suggested that the price of BTC will take an unprecedented height as early as November 2024. In this case, the cost of bitcoin will overcome the nearest powerful resistance barrier at $70,000 and break the record of $73,794 set in March. If this forecast turns out to be true, the cryptocurrency's rate will increase by at least 13% of the current value.

Most of the gambling members of the crypto community agree with the analyst's opinion. This is evidenced by the fact that on the Polymarket betting site, the probability of bitcoin reaching a new maximum in 2024 is estimated at 61%. A winning bet on this outcome will bring 61% profit, and a successful bet on a negative result will increase the capital by two and a half times.

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Bitcoin at $100,000 by the end of 2024: analyst forecast and growth factors

Renowned crypto analyst Michael van de Poppe is known for his optimistic predictions regarding the future of bitcoin. He recently stated' that' in his opinion' bitcoin could reach the $100,000 mark by the end of 2024.

Growth factors

Van de Poppe bases his optimism on several key factors⁚

-- Growing institutional acceptance. More and more large companies and investors are incorporating bitcoin into their portfolios.
-- Inflationary concerns. Bitcoin is increasingly seen as a hedge against inflation.

Not everyone shares the optimism

It is important to note' that not all analysts share van de Poppe's optimism. Some experts believe that his forecast is too optimistic and point to a number of factors that may hinder the growth of bitcoin⁚

-- Market volatility. The cryptocurrency market remains extremely volatile' and sharp price drops are still possible.
-- Regulatory risks. Tighter regulation of cryptocurrencies could negatively affect the price of bitcoin.
-- Competition from other cryptocurrencies. New cryptocurrencies are appearing on the market' which may compete with bitcoin.

Michael van de Poppe's prediction that bitcoin will reach $100,000 by the end of 2024 is certainly ambitious. While the factors he cites may indeed contribute to bitcoin's price growth, it is important to keep in mind the risks inherent in the cryptocurrency market. Investors should exercise caution and do their own research' before making investment decisions.

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Arthur Hayes first invested in the cryptocurrency Pepe

The founder of cryptocurrency exchange BitMEX, Arthur Hayes, began buying Pepe (PEPE) meme tokens during the cryptocurrency market's bull rally.

According to Spot On Chain, on September 27, Hayes transferred $1 million worth of USD Coin (USDC) stablecoins to the Binance trading platform and a short time later withdrew $252,000 worth of Pepe from the platform. Shortly before these transactions, Arthur stated that he could not ignore PEPE and apparently purchased these digital assets for the first time.

Pepe now ranks fourth on the list of cryptocurrencies in terms of the amount of money Hayes has invested, if you exclude USDC stablecoins. Ethereum (ETH), Aethir (ATH), and Pendle (PENDLE) round out the top three.

Pepe has risen in price by 37% over the past week, and by buying coins during an uptrend, Arthur hopes to multiply capital, counting on the bull rally to continue. However, Hayes is sometimes wrong and suffers financial damage because of it. For example, he recently sold Pendle for $5.62 million and suffered a 37% loss. A few hours after Hayes got rid of PENDLE, the cryptocurrency's exchange rate skyrocketed by 24%.

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Moo Deng token based on the hippopotamus meme is on the rise

Moo Deng (MOODENG), a hippo-themed cryptocurrency issued on the Solana (SOL) network, continues to appreciate rapidly.

Since the start of trading on September 21, the MOODENG token-meme exchange rate has increased more than eight times, and in the last 24 hours alone, the price of the coin has increased by 48%. However, the value of the asset began to correct after reaching an all-time high of $0.298 on Friday.

Moo Deng was named after a baby hippopotamus from Thailand, whose nickname means Elastic Pork. The animal has won the hearts of millions of people around the world for its comical appearance and cheerful disposition. The management of the zoo where the little hippopotamus lives has reported a large influx of tourists who want to see her in person.

Obviously, Moo Deng's exchange rate will depend on the popularity of the hippo. If members of the crypto community continue to watch her fate with interest, the token meme will remain in trend and attract investments. In this case, the bull rally will resume, and the MOODENG rate will renew the maximum. But the cryptocurrency is worth buying only after its price bottoms out within the current correction.

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Cryptocurrency purchases in Brazil have exceeded $12 billion since the beginning of the year

The volume of cryptocurrency purchases in Brazil since the beginning of the year exceeded $12 billion

This was reported by representatives of the Central Bank of the country. Read more at Crypto.ru.

The volume of purchases of digital currencies in Brazil since the beginning of the year exceeded $12 billion

Representatives of the Central Bank of Brazil reported that in 2024 significantly increased the volume of purchases of digital currencies compared to the indicators of 2023. It was noted that since the beginning of this year the citizens of the country have purchased cryptocurrencies worth about $12.4 billion.

It should be noted that at the end of the 1st quarter of 2024, residents of the state bought digital assets for $4.7 billion. Many experts note that the purchase of cryptocurrencies is classified as imports. Given the current dynamics, the activity of users in this context significantly affects the trade balance of the country.

Economists note that active purchases of cryptocurrencies are due to the fact that citizens are trying to protect their savings from inflation. The most popular assets among citizens remain bitcoin, ether and various stablecoins. According to experts, this trend will continue in the long run.

The fact is that the conditions of crypto mining in Brazil remain unfavorable, which is due to the high cost of electricity. Currently, for 1 kWh of electricity is estimated at $0.14.

It should be noted that at the end of August, the overall dynamics of coin mining in the world decreased by 6%, as evidenced by numerous reports of specialized companies. For example, the largest mining organization Marathon Digital reported that for August it mined 673 bitcoin coins, which is 19 lower compared to the results for July 2024.

From the cryptomining segment, it is also worth considering that in mid-September, the cost of electricity in the city of Hedsel (Norway) increased sharply. According to experts, this is due to the closure of a large mining farm. At the same time, the largest local electricity supplier will face a decrease in income.

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4 altcoins that could hit all-time highs in October

October is traditionally a favorable month for the crypto market, including altcoins.

LayerZero (ZRO)

At the time of writing, LayerZero's native token ZRO is trading at $5.06, up 27.70% from a month ago. The increase in ZRO price is due to the project's recent decision to redistribute tons unclaimed during airdrop to active users.

On the daily chart, ZRO price has formed an ascending triangle, indicating bullish momentum. A successful breakout from the pattern and positive Awesome Oscillator (AO) values confirm a strong uptrend.

If the trend continues, the ZRO price could surpass the previous all-time high of $5.60 and head towards a new record of $6.55 in October. However, if the bulls' efforts are not enough, the altcoin is expected to correct to $4.39.

Sui (SUI)

Sui is another altcoin that could reach a new all-time high in October 2024. At the time of writing, the asset is priced at $1.62, which is 25% below the previous high.

According to the daily chart, an attempt to retest $2 was rejected due to resistance around $1.77. However, the pullback took the token to the $1.60 support level, which could help facilitate a rebound. In addition, SUI is well above the Ishimoku Cloud. This technical indicator shows the presence of significant support or resistance.

If the trend continues, the SUI could rise 40% in October to reach $2.25. However, if the $2.00 level proves to be beyond the altcoin's strength, it will be waiting for a correction to $1.50.

Binance Coin (BNB)

The list of altcoins that could update ATH in October would be incomplete without BNB. Traders inspired by the early release of former Binance CEO Changpeng Zhao believe this event signals the return of the bull market.

At the time of writing, BNB is trading around $602.20. However, the Chaikin Money Flow Index (CMF), which has risen to 0.20, indicates that the asset is overbought. Because of this, the price of BNB may temporarily decline.

However, if positive news continues to support the growth, by the end of October, the altcoin rate has all chances to exceed $700 and reach a new high around $725.

Nevertheless, traders should be cautious. If the buying interest is not strong enough, this forecast may turn out to be wrong. In that case, the price of BNB will drop to $564.

MANTRA (OM)

The native token of the RWA project MANTRA takes the fourth place in our list. OM is currently priced at $1.23, which is 13% below its all-time high of $1.42.

From a technical point of view, the asset is aiming for the $1.50 mark. One of the reasons for this assumption are technical indicators and the expected launch of the MANTRA core network.

As shown in the chart below, the 20 EMA crossed the 50 EMA on September 12. This crossover is referred to as a “golden cross”, indicating a bullish trend.

If the trend continues, the OM price may overcome the resistance at $1.29 and head towards $1.50. However, if the position of the moving averages changes so that the 50 EMA crosses the 20 EMA, MANTRA risks falling to $1.05.

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Memeland and Timberland will release boots for the crypto community

Web3 studio Memeland and shoe company Timberland have announced that they will release an exclusive collection of iconic boots specifically for the crypto community.

The boot series, called MAKE YOUR LANDMARK EDITION 001, will be available for purchase starting Monday, September 30 for $350 per pair. According to a statement from Memeland and Timberland, a total of 300 pairs of the iconic shoe will be released. No “restocks or new batches” are planned, however.

The shoes will be made of eco-friendly materials. Each pair will be equipped with an exclusive Memeland lace in three colors (yellow, black and gold) and a hidden monogram embossed inside the tongues.

According to Memeland's web3 studio, all proceeds from sales of the exclusive shoes will be donated to fight poverty in East Africa.

Released in only 300 pairs, the boots are intended for a good cause. All proceeds will go to fight poverty in East Africa. It turns out that every buyer of these shoes will literally leave their mark on the world,” Memeland wrote.

The studio has not yet announced what assets it will accept to pay for the shoes. Perhaps its own Memeland token will be among the payment options.

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Top 5 memcoins to watch out for in October

The memcoin market continued to attract attention in the third quarter despite the overall market lull. As the fourth quarter approaches, some memcoins are showing promising signs of growth. We've selected five currencies poised for potential growth.

First Neiro on Ethereum (NEIRO)

The first memcoin under the NEIRO ticker, Neiro Ethereum, first hit the market. However, in September, Binance added a new First Neiro on Ethereum coin with the same ticker to the listing. In less than two weeks, NEIRO rose 4,313% to reach an all-time high of $0.00137.

After a small correction, NEIRO seems poised to continue rising and possibly set a new record in October. The next important price point is $0.00250, and here the coin may reach a ceiling.

If NEIRO fails to absorb the current all-time high, it risks falling below the $0.00103 support level. This would negate the optimistic outlook and could send the token to $0.00076 or even lower.

Baby Doge Coin (BabyDoge)

Among the leading memcoins, the BabyDoge token stands out thanks to its 131% rally over the past month. The coin is now aiming to break two key barriers at $0.000000002320 and $0.000000002571.

These resistance levels have been holding BabyDoge back since April, and a rise above them could send the crypto asset to a new all-time high at $0.000000003800. The upcoming October historically has a reputation as a bullish month (“Uptober”). It could be the catalyst for the price to rise towards this mark.

On the other hand, if history repeats itself, BabyDoge may lose its bullish momentum. In that case, it will fall to $0.000000001968, which will cancel the bullish scenario.

Shiba Inu (SHIB)

The second-largest memcoin seems poised to break the barrier that has held for three and a half months now. Shiba Inu is now testing local resistance at $0.00001961.

If successful, SHIB will face the $0.00002093 level, which has served as alternately important support and resistance in the past. The $0.00002093 - $0.00002976 range represents a consolidation zone, but SHIB may gradually gain the necessary momentum to break out of this range.

However, failure to break through either of the two resistance levels threatens to dampen optimism. In such a case, SHIB risks falling back to $0.00001699 and even falling to $0.00001462.

Mother Iggy (MOTHER)

Mother Iggy (MOTHER) coin, launched by Australian rapper Iggy Azalea, is known for its sharp ups and downs. It could reach a new all-time high despite the volatility.

At the time of writing, the price is at 93% of its all-time high of $0.242, but has a good chance of surpassing that mark and setting a new record. October, which is traditionally considered to be a favorable month for growth, may contribute to it. However, for this purpose the asset should first turn the level of $0.149 into support.

If the breakout fails to take place, MOTHER could fall below $0.10. With the loss of $0.092 support, the price risks falling to $0.051.

Dogwifhat (WIF) price analysis

WIF could rise 55% in the coming month as it exits an ascending wedge. This bullish pattern suggests the price could rise to $3.43 in the coming weeks.

However, WIF faces many barriers along the way. Moneta will need to rely on general market optimism to confirm this pattern. Then it could reach a four-month high, where the upside is likely to stall.

Nevertheless, given that the $2.36 and $2.75 levels have acted as important barriers in the past, WIF may not overcome them. This threatens to cancel the bullish outlook, and WIF is likely to continue to fluctuate around the $2.01 support.

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Leveraged ETF boom: MicroStrategy attracts risk takers

Investors in the U.S. seem willing to take risks again. New exchange traded funds (ETFs) offering leverage for MicroStrategy stocks are showing impressive growth.

MSTX, launched in August, has already attracted $357.6 million in assets under management. The fund aims to provide investors with daily results leveraged at 1.75 times (or 175%) of the daily change in MicroStrategy stock.

Meanwhile, MSTU, an even riskier ETF launched last week, offers twice (200%) leverage. The product has seen huge inflows and already has more than $80 million in assets.

Both ETFs are “long leveraged” funds, meaning they use leverage to strengthen their positions. Returns for investors can exceed the performance of the underlying asset, but losses can also be more painful.

“Wild” success

Bloomberg ETF analyst Eric Balchunas wrote on Twitter (aka X) that he didn't expect such demand for such a risky investment, at least not at this pace. “I didn't think there would be room for both (especially so quickly),” he noted, calling their popularity ”wild.”

Balchunas has previously described such products as a “hot pepper among ETFs” because of the extreme levels of volatility expected.

MicroStrategy Strategy

MicroStrategy is a publicly traded company specializing in data analytics software. However, it included bitcoin on its balance sheet in 2020 as part of a strategy to generate returns for its investors.

Since then, the company's stock has soared, making it one of the most successful publicly traded companies in the US. MicroStrategy hasn't stopped buying cryptocurrency. The company now owns 252,220 bitcoins worth $16.6 billion, having announced several purchases in recent weeks.

MicroStrategy is now positioning itself as a “bitcoin development company” that securitizes the cryptocurrency: investors buy shares in the company to gain access to the largest and oldest digital asset. The company is also exploring other avenues in the bitcoin ecosystem, such as the Lightning Network and the introduction of digital identities into the largest cryptocurrency network.

High risk, high return?

Two new MicroStrategy equity-based ETFs carry risks but could promise big returns for investors looking for leveraged access to bitcoin. When MSTX was launched, Defiance ETFs, the company behind the ETF, warned investors that the fund was “not intended to be used by or suitable for investors who do not intend to actively monitor and manage their portfolios.”

The emergence and rapid growth of new leverage-ETFs on MicroStrategy signals a return of risk appetite among U.S. investors. These instruments offer increased returns but also carry significant risks, requiring investors to actively manage their positions.

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Public miners' share of the bitcoin hashtag has reached a record 28.9%

The hashrate of fourteen mining companies with a listing in the United States in October reached 28.9% of the total. Such data were cited in JPMorgan, writes CoinDesk.

Since the beginning of the year, the firms tracked by the bank have increased the metric by ~70% year-over-year, from 114 EH/s to 194 EH/s, while total computing capacity has grown by ~33%.

Since halving, firms' share has increased by 8%, reflecting their “efficiency and financial strength”.

Hashrate is estimated to be up 4% since the beginning of October, while hashprices are up less than 1%.

The capitalization of tracked miners has increased by 7% over this period, exceeding their share of the block reward by 1.9 times (the minimum since May). This implies an “attractive entry point before the election,” according to analysts.

Recall, in JPMorgan allowed a slowdown in the growth of bitcoin hashrate.

Earlier in Matrixport pointed to the potential of shares of miners in view of the stabilization of the fall in their income and lagging behind the dynamics of the first cryptocurrency.

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ApeCoin (APE) has returned to the top 100 cryptocurrencies after rising 66%

ApeCoin (APE), the native token of the APE ecosystem, has added 66% in value over the past 24 hours.

At the time of writing, the cryptocurrency's exchange rate has surpassed $1 and may continue to rise. Let's figure out with the help of technical indicators and onchain metrics what the reason for the sudden rally is.

The launch of ApeChain has drawn attention to ApeCoin

One of the reasons for the sharp rise in the APE price was the launch of the Layer-3 ApeChain network developed by ApeCoin DAO called Arbitrum Orbital Chain. As a result, the token is back in the top 100 cryptocurrencies by market capitalization.

The project team said on Twitter that bridges are already active and users can access the blockchain.

“Bridges are active. Transfer your tokens to ApeChain now to start earning in APE, ETH and various stablecoins,” ApeCoin announced.

Within three hours of the launch, Camelot - an Arbitrum-based DEX - reported that ApeChain volume had surpassed $5 million, a trend that received additional support from ApeCoin's overall onchain volume.

According to Santiment data, the volume has increased by nearly 3,000% in the last 24 hours and is approaching the $1 billion mark. If the figure continues to rise along with the price, the altcoin's exchange rate could exceed $1.25 in the coming days.

The APE network has recently shown remarkable growth, tracked by the number of new addresses that have begun interacting with the protocol. As of October 18, the number stood at 83. By the time of this writing, the number of participants has increased to 3,235.

This indicates that more people are starting to use the APE token. If the trend continues, demand for APE could increase, which in turn would potentially increase the price of the altcoin.

APE price prediction: a possible rise to $2

From a technical point of view, ApeCoin has come out of a downtrend that has lasted since June. All this time, the price of the altcoin fluctuated between $0.55 and $0.85.

Now, the Moving Average Convergence and Divergence (MACD) indicator is showing significantly positive values, which has not been the case for almost a month. MACD measures momentum, where negative values indicate bearish momentum and positive values indicate bullish momentum.

If investors remain interested in APE, its price could reach $1.47 and even rise to $2.

However, if APE holders who did not sell the token during the long slump decide to lock in profits, the altcoin will face a correction to $0.86.

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Dogecoin price to fall before resuming bull rally

Prominent trader Ali Martinez has warned of an impending correction in the Dogecoin (DOGE) exchange rate before a new round of bullish trend.

The TD Sequential indicator has given a sell signal on Dogecoin's daily chart, indicating a short-term correction before resuming the uptrend,” Martinez wrote.

The value of Dogecoin started to rise rapidly on October 10 and on Saturday reached its highest level since June 12, 2024 at $0.147. However, as a result of the powerful pump, the token meme market was in an oversold zone, and TD Sequential notified the end of the bullish trend.

The Dogecoin exchange rate has already corrected by 5% from the peak, but judging by the chart, the downtrend is not over yet. DOGE is likely to fall in price to $0.136, because this barrier coincides with the 23.6% Fibonacci level, taking into account the increase in the price of the coin from $0.1 to $0.147. If the support barrier holds, we should expect the bullish trend to continue.

Dogecoin has outpaced the rate of growth of all competitors from the top ten cryptocurrencies in terms of capitalization. Over the past week, DOGE has added 27% to its price, while bitcoin and Ethereum (ETH) have risen in price by only 8% and 7% respectively. The pummeling of the token-meme market is explained by the fact that Ilon Musk has once again started unwittingly PRing Dogecoin by publishing reports about the as yet non-existent Department of Government Efficiency Enhancement, which is abbreviated as D.O.G.E..

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XRP price breaks a key level that could turn on ultra bullish mode

The popular cryptocurrency XRP just broke above the critical 200-day moving average (200-MA) on its weekly price chart, a technical indicator that serves as an important barometer of market momentum and trend direction.

Often considered a turning point in technical analysis, the 200 moving average indicates bullish sentiment when an asset trades above this line, suggesting the possibility of further price gains in the future.

This impressive bullish move, driven by an 8.47% rise since Monday, has seen the price of XRP rise from $0.5871 to its current level of $0.638. It's worth noting that this upward trajectory wasn't entirely unexpected; in fact, market analysts have been hinting at a strengthening bullish outlook since the beginning of the week.

While the broader crypto market is experiencing a slight pullback after two weeks of localized gains, XRP's outstanding performance may indicate that some investors are anticipating news or events in advance that could impact the seventh-largest cryptocurrency.

Is there big news coming for XRP?

Market outperformance is a phenomenon in which investors buy assets in anticipation of expected positive news, hoping to profit from price spikes once the information becomes public.

This behavior is not uncommon in the highly speculative world of cryptocurrencies, where rumors and potential announcements can lead to exponential price movements as traders position themselves in anticipation of big events.

Adding to the excitement is the fact that XRP has not only broken through the 200 MA, but also a key dynamic resistance level.

Historically, this resistance level has marked critical price points for XRP, and successfully maintaining a position above it could open up new growth opportunities and push the cryptocurrency into a potentially ultra bullish mode.

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The rate of the cryptocurrency DOGE, dedicated to Ilon Musk, soared by 438%

The Department Of Government Efficiency (DOGE) token dedicated to billionaire Ilon Musk rose in price more than five times in 15 minutes.

The cryptocurrency's rate began to pumpp on September 30 at 04:00 Moscow time. By 04:15 the price of the digital asset soared from $0.00316 to $0.01701, thus increasing by 438%. However, the value of the coin did not hold on to the gained height and collapsed into tatters, falling 34 times to $0.00049 in just five minutes.

The trading volume of DOGE has fallen by 39% over the past 24 hours, and the time interval between the growth and decline in the value of the token was too short, so the jumps in the rate of the asset recorded on Monday are unlikely to be associated with the deliberate implementation of a scheme of dump and dump cryptocurrency price. Most likely, the perturbations occurred due to low liquidity.

The Department Of Government Efficiency meme came to light in August after former U.S. President Donald Trump proposed Musk to head the still-defunct Commission on Government Efficiency. DOGE was chosen as the ticker symbol for the new cryptocurrency for a reason. Ilon is known for his love of the “dog” token-meme Dogecoin (DOGE), which has a similar short name.

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Market participants await US employment data

Investors are eagerly awaiting the publication of US employment data in the coming week. In particular, on Friday, October 4, the Department of Labor will release data on the creation of new jobs outside the agricultural sector. At the same time there will be data on unemployment and the dynamics of growth of hourly wages. Last week, information was released on the spending of citizens on consumer goods.

They showed that inflation remains below the market expectations and it decreased to 2.2%. Such a scenario increases the probability that the Federal Reserve will continue with a looser monetary policy. This in turn will favor the entire segment of high-risk assets, including digital currencies.

This week's speeches are expected to be delivered by Fed officials - Michelle Bowman and Chairman Jerome Powell. On Tuesday, Minneapolis Fed chief Lisa Cook and Atlanta Fed representative Raphael Bostic will speak. The rhetoric of the officials may well affect the general market sentiment.

Positive data on inflation in the consumer sector seriously increase the chances that at the upcoming Fed meeting on November 7, the regulator will further reduce the key rate by 50 basis points. Apparently, the market is getting ready to play up expectations of this event in the coming month.

Given that October is traditionally perceived as a positive period for the cryptocurrency segment, there is every chance of forming a stable bull run. Most experts agree that in the coming month the main digital coin will manage to test the historical extremum, which was formed on the eve of the halving.

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Top 3 crypto predictions for October 2024

The crypto market has been rather dull over the past few months, spending them mostly in sideways movement. However, historically, October has been the month when the cryptocurrency market comes to life and begins to strive for new heights

BeInCrypto's editorial staff has gathered three major crypto predictions for this October in one article. Let's see what investors and traders should expect from the market this fall.

AI tokens are ready to take off

Cryptocurrencies from the artificial intelligence (AI) segment have been the focus of market players for a long time. Although September was a relatively quiet month, which the crypto spent without sharp fluctuations, AI tokens still managed to impress investors.

For example, the sector's capitalization has grown significantly over the past 30 days, from $29 billion on August 28 to $38 billion at the time of writing, on September 27.

Bitget's chief analyst Ryan Lee looks at the prospects for AI with great optimism:

“Ecosystems like SUI and AI are showing impressive momentum. I think this positive movement will continue in October - especially with the upcoming US elections. We may see political signals in time that could have a significant impact on market sentiment.”

Bitcoin will reach $70,000

Over the past thirty days, the price of the main cryptocurrency of the market has increased by almost 10%. This growth has led to BTC trading at $65,700 at the time of writing. The next important resistance awaits bitcoin at $70,000.

That said, some experts - such as Ryan Lee of Bitget - believe that a breakout is possible in the coming days. Although this price target looks achievable, bitcoin may still face a short-term correction before its final breakout.

Crypto expert and 21.co strategist Matt Mena shared an encouraging forecast with BeInCrypto:

“The summer lull and macroeconomic woes are behind us, so institutional and private investors are likely to step up their participation in the market. This could be a strong trigger for a possible retest of the $70k mark. When the results of the upcoming US elections become clearer, the market is likely to react positively - regardless of who wins. Markets thrive on confidence, and as uncertainty diminishes, we can expect prices to rise.”

Moreover, bitcoin's all-time high of $73,787 is just a few steps away from $70,000. If the influx of funds into BTC proves to be enough to turn the $70k level into new support, reaching ATH again or setting a new one would look like a very real scenario.

SUI is targeting a new ATH

Another cryptocurrency that distinguished itself in the outgoing September is SUI. At the time of writing, the altcoin is trading at $1.70 and boasts a gain of a staggering 104% over the past 30 days. Meanwhile, Sui's all-time high is at $2.18 - just 28% above the current price.

Historically, the level near $1.70 has been a strong resistance for the altcoin. Given the strong bullish sentiment around SUI this month, this area is now well positioned to become a new support.

Matt Mena is very positive about SUI's growth prospects:

“I think SUI will continue to attract users and developers... We're already seeing this momentum, with TVL for SUI topping $1 billion yesterday... even despite lower token prices. This growth underscores the resilience and expanding appeal of these platforms as they gain market share in a competitive blockchain environment,” the expert shared in a conversation with BeInCrypto.

However, selling and profit taking threaten to prevent the altcoin from continuing its upward movement. In case SUI loses support at $1.70 under the pressure of sellers and rolls back to $1.45, the bullish forecast will be canceled.

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Shiba Inu (SHIB) price could soar 90% due to market FOMO

Despite fears of an overheated market, the price of Shiba Inu (SHIB) continues to rise and has gained 32.50% over the past seven days.

At the time of writing, the memcoin is trading at $0.000019. Let's figure out with the help of onchain metrics and technical indicators what to expect from SHIB next.

Shiba Inu market sentiment is improving

According to data from analytics platform Santiment, SHIB's one-day turnover reached a 10-week high of 5.77 trillion tokens on Thursday, September 26. When this figure decreases, the volume of purchases and sales decreases. However, the increase in turnover indicates an increase in interest in the coin.

This increase is due to the rising price of SHIB and the fear of missing the opportunity to capitalize on a further rally.

Interestingly, this surge coincided with an increase in transactions by large Shiba Inu investors. As you can see in the chart below, there were 75 transactions worth over $100,000 on Thursday.

The number of SHIB transactions of $1 million or more also increased significantly, exceeding 10 transactions in a single day. The last time this kind of whale activity was seen was in August, and this increase could indicate a possible strengthening of the SHIB price in the near future.

Amid these developments, SHIB is showing a sharp rise in social dominance, reflecting the market's attitude towards the cryptocurrency. The high values of the metric suggest that the majority of online conversations about the asset are positive.

SHIB price forecast: climbing to a new high

On the daily chart, SHIB broke through the ascending triangle that began to form on May 31. This breakthrough turned out to be a “second breath” for the mem coin, which had been stagnating for a long time.

Now Shiba Inu is trading at the mark, the achievement of which provoked the growth to $0.000035 in early March. In addition, the Bull Bear Power (BBP) indicator, which measures the balance between buyers and sellers, continues to grow.

A rise in BBP indicates that the bulls are gaining ground, while a fall indicates that the bears are prevailing. According to the chart below, the indicator recorded similar behavior in the first quarter.

The analysis of the cash flow index (MFI), which tracks the inflow of capital into the cryptocurrency, confirms the optimistic outlook. If the trend continues, the SHIB price could rise by 90% in the coming weeks and reach $0.000035.

However, the fall of MFI will put these expectations in doubt. In this case, the memcoin will face a bearish trend and risks falling to $0.000015.

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BlackRock's bitcoin balance is approaching 370,000 BTC

BlackRock is actively buying bitcoin: at the time of writing, the company has a balance of 363,626 BTC. The company has been optimistic about cryptocurrencies for nearly a decade and has no plans to stop.

By purchasing more and more bitcoins, BlackRock is strengthening its position among the leading institutional players in the world of cryptocurrencies.

BlackRock continues to buy up BTC

According to Lookonchain data, the company purchased 1,434 BTC worth $94.3 million on Friday, increasing its total purchases over the past four days to 5,894 bitcoins worth $387.68 million. BlackRock's bitcoin balance now stands at 363,626 coins worth about $23.68 billion, making it the third largest BTC holder after Satoshi Nakamoto and Binance.

According to Robbie Mitchnik, head of digital assets at BlackRock, bitcoin is gradually becoming a low-risk asset. Mitchnik believes that BTC is not dependent on the economic situation or the politics of a country. He notes that due to its scarcity nature, bitcoin is resilient to common risks like currency depreciation or political turmoil.

“There have been times when bitcoin has correlated with stocks and sometimes its correlation has been negative. There are a lot of similar things happening with gold - temporary spikes, but over the long term the correlation tends to zero,” says Mitchnick.

BlackRock's strategy came as a surprise to many market participants, as the company's CEO Larry Fink had previously repeatedly called bitcoin a speculative and potentially dangerous asset.

Spot bitcoin-ETF IBIT, meanwhile, continues to significantly outperform. As of September 27, IBIT had net inflows of $21.42 billion: by comparison, Fidelity's FBTC, which follows it, recorded $9.99 billion.

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Top 10 key crypto events of the week

Colin Wu named the main events of the outgoing week in the cryptocurrency projects industry. He noted that during this period there were several important events that affected the market. For example, Celestia caused criticism from the community because of the sale price of TIA tokens at $3 on the OTC market. The community believes that the foundation lacked transparency and demanded disclosure of the valuation and ownership of the assets.

Avalanche Foundation announced the launch of the Retro9000 program with a $40 million fund to support developers building Tier 1 blockchains on the Avalanche9000 test network. The Celo blockchain surpassed Tron in the number of active addresses using stablecoins due to the expansion of MiniPay's payment solutions in Africa.

Andre Cronje announced the launch of the Sonic platform and a 200 million token giveaway for projects to be launched on the network, offering refunds of up to 90% on gas commissions. Eigen Foundation announced that it has lifted restrictions on EIGEN token trading as of Sept. 30, due to an optimistic outlook following the Fed's interest rate cuts.

Asphere and Babylon launched Layer 2 services for Bitcoin, offering unique opportunities for BTC-based blockchain development. Meanwhile, Ethena unveiled its new UStb product, which is backed by BlackRock and Securitize and offers an innovative risk-sharing model for stablecoins.

Two OpenSea users filed a class action lawsuit against the platform, accusing it of selling unregistered securities in the form of NFTs, citing SEC actions against other projects. Additionally, Onekey Card will discontinue service as of September 30, with full shutdown by January 2025, giving users the option to withdraw their funds.

Finally, the developers of Hamster Kombat brought the token to market with a claim of 100 million active users. According to the expert, these developments emphasize the active development of the cryptocurrency market, the expansion of infrastructure and the legal challenges faced by the platforms.

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Changpeng Zhao made his first public statement

-- Changpeng Zhao was released on September 28.
-- He served four months in prison.
-- Zhao thanked everyone for their support and spoke about his plans.

Changpeng Zhao (CZ), founder and former CEO of Binance exchange Changpeng Zhao, posted the first post on his X page (formerly Twitter) after his release from prison. He thanked the community for their support and asked for a breather.

As a reminder, CZ got out of prison on September 28, 2024. He served four months on charges of violating AML rules.

First of all, Zhao noted that food tastes better on the outside. According to him, it is a huge boon to be able to eat more than one fruit a day.

“I know some of you may have a lot of questions. I won't have answers to all of them. Let me calm down a little bit. And then I will think about my next steps,” he stated.

Zhao also mentioned his new project, Giggle Academy. It is an educational platform that he first introduced in March 2024.

CZ said that the project is progressing well and will occupy an important place in his life in the next few years.

The former Binance CEO also repeated the thesis that he intends to invest in DeFi, AI and biotechnology. This is something he has also stated earlier as well.

In addition, CZ admitted that his book is two-thirds finished. Zhao intends to see this idea through to completion.

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Filipinos have been influential in the development of Axie Infinity

In recent years, the Philippines has become a central location for Web3 gaming, offering a unique combination of cultural and socio-economic factors that have fueled the industry's strong growth. Web3 gaming is not only transforming the digital world, but also creating opportunities for players around the world. And it is the Philippines that has led the way in this movement due to its distinctive features.

One of the main reasons for the popularity of Web3 gaming in the Philippines has been the cultural traits inherent in the nation. One of them is considered Pakikisama - the desire for unity and support within the community. This quality has contributed to the creation of strong gaming communities, such as those that have developed around the popular game Axie Infinity. According to Crypto Slam, Axie's total historical sales totaled $4.27 billion, surpassing the legendary NFT gatherings of Bored Ape Yacht Club and CryptoPunks.

The community of gamers didn't just play, they shared knowledge by creating educational guides and supporting new members through localized events. This contributed to the rapid spread of Web3 gaming across the country.

Another important aspect is the resilience of Filipinos in the face of adversity. The nation has always been characterized by its ability to adapt to changing conditions, which was evident in their strategic activity in the Web3-gaming market. For example, when the value of the SLP token dropped, many Filipino players were not confused, but instead saw opportunities to make money by participating in the farming of RON tokens. Such moves demonstrate how locals know how to turn difficulties into lucrative opportunities.

Also of particular note is a cultural trait known as Bahala Na, which can be translated as “what will be, will be.” It's a philosophy that helps Filipinos step boldly into the unknown without fear of risk. In a Web3 world where uncertainty is inherent, this approach offers a unique advantage. It allows them to adapt to rapidly changing technologies and markets without fear of risk.

The Philippines' success in Web3 is not only due to cultural traits, but also to its high level of English proficiency. The Philippines is ranked 2nd in Asia in terms of level, which makes it easy for players and developers to participate in global conversations and initiatives related to Web3.

The Philippines is also among the countries with the highest level of social media activity. Many players use these platforms not only to socialize, but also to share strategies, discuss new games and blockchain-related technologies. Finally, much of the population lacks access to banking services, but the proliferation of cryptocurrency solutions and decentralized finance has allowed many Filipinos to participate in the global economy.

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Tether helped freeze $6 million of crypto fraudsters

Tether, the issuer of the USDT stablecoin, has helped the U.S. Department of Justice seize more than $6 million in assets linked to Southeast Asian crypto fraudsters.

The scammers operated a “confidence scheme” by mimicking legitimate digital currency platforms.

An FBI spokesman called such scams “devastating” for thousands of Americans. He said victims lost “millions of dollars” in hopes of investment opportunities, often remortgaging their homes.

“[...] The FBI will stop at nothing to find these fraudsters who are focused on exploiting the advantages of American society. Regardless of their location, we will use all of our resources and collaboration with partners at home and abroad to stop them from stealing people's hard-earned money,” the statement said.

Tether said it has assisted more than 180 law enforcement agencies in 45 jurisdictions since then. Cumulatively, the company has helped freeze approximately $1.8 billion, blocked 1,850 wallets and returned $128 million worth of assets to their rightful owners.

“Tether is unwavering in its commitment to help law enforcement agencies around the world crack down on the misuse of cryptocurrencies. We are ready to cooperate with government agencies and provide all necessary tools to bring attackers to justice and provide support to victims,” - emphasized CEO Paolo Ardoino.

Recall, the community continues to express concerns about the transparency of reserves and business structure of Tether. Experts made an analogy with the situation that preceded the collapse of FTX and Alameda Research.

The company rejected such a comparison.

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Bybit said it has received a full license from Kazakhstan's regulator

-- Bybit announced that it has received a full regulatory license from AFSA.
-- According to the platform's team, the decision was another step “towards the global expansion” of the exchange.
-- The company intends to launch bybit.kz in October 2024.

Cryptocurrency exchange Bybit reported receiving a full regulatory license from the Astana Financial Services Authority (AFSA). Representatives of the platform told the Incrypted team that this decision will accelerate the company's “global expansion” in the digital asset market.

The press release notes that the exchange underwent a full AML, business conduct and compliance audit to receive the approval. This is part of Bybit's efforts to provide new opportunities for users in Kazakhstan and other Commonwealth of Independent States (CIS) countries, the release said.

Bybit co-founder and CEO Ben Zhou said:

“Kazakhstan has become a key player in the global cryptocurrency ecosystem and we are excited to expand our services in such a dynamic market. We are committed to providing local crypto traders with our advanced technology, security and transparency, ensuring they have access to the best tools and services to thrive in this fast-growing industry.”

It is known that Bybit will offer a variety of products and services related to digital assets once it receives its full license. According to the press release, “the expansion into Kazakhstan is in line with Bybit's mission to provide reliable and transparent services to meet the needs of crypto traders and investors in the region.”

The range of services will include digital asset trading center management, custody services, agent and principal transactions, and investment management. Bybit Kazakhstan will offer various products including spot market and derivatives trading, as well as margin trading and crypto-loans.

“By obtaining full authorization, Bybit intends to increase the proliferation of cryptocurrencies, provide institutional-grade security and offer enhanced trading capabilities to its growing regional user base,” it said.

The developers noted that the company plans to launch bybit.kz in mid-October 2024. The company emphasized the desire to establish strong relationships with traders in Kazakhstan and throughout the CIS region, which will allow them to quickly navigate the dynamic world of digital assets.

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Hong Kong cryptocurrency companies to be required to use European reporting standards

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) intend to introduce new reporting rules to comply with the European Securities and Markets Authority (ESMA).

The rules are expected to be approved by September 29, 2025. The new regime will update the current structure of OTC cryptocurrency derivatives, as well as the use of unique product identifiers (UPIs) and transaction identifiers (UTIs) to reflect transactions in the reporting of cryptocurrency companies.

ESMA implemented the new reporting rules in 2023 and they have now become a framework for virtual asset service providers across Europe. According to the HKMA and SFC, the implementation of the new rules will harmonize Hong Kong's national legislation with international best practices.

Earlier, the Hong Kong authorities announced their intention to tighten legislative norms in relation to issuers of stablecoins and prohibit any offerings of these assets to retail investors without a license from the financial regulator.

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