In October, the cryptocurrency market experienced a surge in anticipation of the approval of spot Bitcoin ETFs. Bitcoin, the leading cryptocurrency, reached a price of $35,000 per coin and subsequently entered a consolidation phase, followed by a period of sideways movement in the price charts.
The overall cryptocurrency market capitalization has grown to $1.27 trillion. In the course of the week, Bitcoin, Ethereum, and Litecoin have demonstrated nearly 0% price dynamics, while Ripple stands out with a gain of over 9.0%.
Bitcoin
After hitting the $35,000 price mark, Bitcoin has been consolidating for over a week.
The BTC/USD price is currently trading around $34,264. If this level holds as support and quotes consolidate above the psychological level of $35,000 per coin, the next growth target could be around $38,000. Alternatively, a downward correction to $30,000 remains a possibility.
Ripple
Ripple experienced an upward movement, entering a broad sideways trading range between 0.5513 and 0.6600. At the moment, the XRP/USD price is in the middle of this range. From a technical perspective, it may move to either boundary.
Ethereum
Ethereum followed the lead of the primary cryptocurrency and subsequently moved into a consolidation phase within a sideways range between 1784.02 and 1896.78. The further trajectory of ETH/USD depends on the direction in which it exists this range. Should it consolidate above 1896.78, the path for continued growth may lead to a target at 2017.41. If this scenario doesn’t play out, the support at 1678.21 may serve as a target for a downward correction.
Litecoin
Litecoin has entered a consolidation phase within the middle of a sideways range between 64.70 and 73.43. The future direction for LTC/USD will largely be affected by Bitcoin's movement, but for now, Litecoin's price has enough room for potential movement toward either boundary within this range.
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