FTN by BetConstruct’s sister SoftConstruct continues to fly, while the bulls are hoping for Bitcoin to break through its strong resistance! (Image from Pierre Borthiry at unsplash.com)
One of the main barriers for new investors entering the cryptocurrency market is how to buy your digital asset of choice.
The process of opening a secure wallet, transferring money, converting it to a particular coin, and finding an exchange (DEX/CEX with liquidity) can be daunting, not to mention the complicated security measures (passwords).
Thousands of resources can assist the investor, from YouTube to exchanges to blogs that walk the punter through this convoluted process.
An analysis of the importance of digital identity revealed that approximately 22% of all Bitcoin has been lost due to forgotten passwords.
The main reason for this is the complexity of how to manage digital wallets. In traditional finance, an investor would have someone who could discuss their investment strategies and buy the asset of choice. The investment process in crypto is very convoluted and AI has stepped in to help in the buying of digital assets.
The rise of specialized AI companies that have developed ‘Robo Advisors’ is now the norm for old and new investors. These companies have AI programs that use algorithms to automate and speed up the process so that the investor can manage their portfolios based on sector(s) and risk evaluation.
This new technology has allowed new investors to access the cryptocurrency market without feeling overwhelmed. These AI tools have allowed interested investors to explore other financial avenues and effectively expand the market with new investments.
The use of AI in society has infiltrated all aspects of our lives – shopping, credit cards, fiat transfers, auto industry and now investment decisions. These AI tools are key to navigating the crypto market and will be a vital aspect for individuals who want to explore digital assets as a means of investment.
iGaming Crypto Watch: Find all our previous crypto news and iGaming stock updates via the Casinoplusbonus financial news category.
Cryptocurrency Prices
Bitcoin (BTC)
Since the BTC ETFs were approved last January, billions of dollars have been invested. In the month of October, spot BTC ETFs have accumulated over 3 billion USD as demand has increased. Interestingly, the demand is coming from retail investors which is accounting for 21% of all of the U.S. BTC ETFs.
BTC fluctuated between 60k and 68.8k USD in the month of October, seeing strong resistance at 70k USD. If the resistance can be breached, BTC could run up to new all-time highs.
The number one coin is currently trading at 67K USD, up 2.6% in the past month.
Current BTC Price
$67,000
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $42,280 (+$24,720 / +58.45%)
- 1 Jan 2023: $16,606 (+$50,394 / +303.59%)
Bitcoin Cash (BCH)
Analysts are mixed on BCH after a large bounce in mid-October. The coin is struggling to maintain the bullish momentum as whales accumulated, HODL addresses grew over 5k. The number of transactions from October 20th to the 21st went from 13k to 368k.
Is this a signal that BCH will regain some of its losses since last April? Data suggests that BCH will rise but it will depend on investor confidence in the coin.
BCH is down 2.7% this month and currently trading at 350 USD, with strong resistance at 373 USD.
Current BCH Price
$350.00
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $268.03 (+$81.97 / +30.59%)
- 1 Jan 2023: $96.77 (+$253.23 / +261.65%)
Litecoin (LTC)
Litecoin rallied 11% on October 16th as Canary Capital filed a LTC spot ETF with the SEC. The approval would open the coin to retail and institutional investors, without having to hold the asset directly. The two-month highs were short lived as LTC started coming off on the 20th and is in a bearish trend.
The altcoin is currently trading at 68.91 USD with weak resistance at 65.43 USD.
Current LTC Price
$68.91
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $74.75 (-$5.84 / -7.81%)
- 1 Jan 2023: $70.89 (-$1.98 / -2.79%)
TRON (TRX)
The owner of Tron, Justin Sun, has predicted that TRX would continue to perform well due to the recent shift in their meme coin ecosystem. TRX meme coins have narrowed the gap with other blockchains in the last couple of weeks.
This statement by Sun does not mean the coin will have a meteoric rise but will see small gains in the coming months as their meme ecosystem expands.
The altcoin is currently consolidating at its all-time high of 0.17 USD and is poised to breakout to new highs.
Current TRX Price
$ 0.17
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $0.11 (+$0.06 / +54.55%)
- 1 Jan 2023: $0.055 (+$0.115 / +209.09%)
Ripple (XRP)
The ongoing court case with the SEC continues as Ripple filed another appeal on October 25th. The civil appeal is basically a request for the court to re-examine previous court rulings on how trading laws are applied.
But it’s not all bad news for XRP as the company announced at their Ripple Swell conference last week that they will be proceeding with their Ripple USD (RLUSD) stablecoin. Some of the industry backers include Bitstamp and Uphold.
This project will only move ahead if the SEC gives the company their regulatory approval. The altcoin has dropped 12% since the last report and is in a bearish trend.
XRP is currently trading at 0.51 USD with weak support at 0.50 USD.
Current XRP Price
$0.51
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $0.63 (-$0.12 / -19.05%)
- 1 Jan 2023: $0.34 (+$0.17 / +50.00%)
Ethereum (ETH)
The ongoing narrative by Vitalik Buterin regarding the Ethereum Scourge, released part 3 on October 20th. His proposal addresses two issues with ETH – block construction and dominance of liquid staking providers on his blockchain.
He has proposed implementing a 2 tier staking system with penalties for early departures at 12.5% and newly accepted ETH projects to have more control over their transactions. Some industry leaders suggested that ETH was becoming too centralized and needed to revamp their core business model. If these issues are not rectified, monopolization on the blockchain could destabilize the network because of poor risk management.
ETH has been in a downward trend since last March, losing 38%.
The coin is currently trading at 2,478 USD with weak support at 2,393 USD, down 6% in the past month.
Current ETH Price
$2,478 USD
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $2,352.76 (+$125.24 / +5.32%)
1 Jan 2023: $1,195.51 (+$1,282.49 / +107.27%)
Fast Token (FTN)
Fasttoken continues to outperform the cryptocurrency market. Since its launch in January of 2023, the altcoin is up 590%. This phenomenal rise is due to its seamless integration of Web3 projects.
FTN boasts a novel Proof-of-Staked-Activity (PoSA) and has been well received by the crypto community. The token also has an exchange trading platform that trades OTC and spot and features a unified payment system. All these factors have drawn investors to this company as it continues its bullish trend.
The token is currently trading at 2.66 USD and is up almost 16% since the last report.
Current FTN Price
$2.66
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $1.38 (+$1.28 / +92.75%)
1 Jan 2023: $0.35 (+$2.31 / +660.00%)
Disclaimer: We are not crypto experts and do not offer investment advice. The opinions and analysis in the report are by a single crypto enthusiast and trader, Luke Webber, who suggests that you read multiple publications and analyses of any crypto before you decide to invest.
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