Ethereum, Polygon & Bitcoin – American Wrap 22 October
Bitcoin price took off as rumors of an ETF approval gained momentum. Following the trading of the first Bitcoin ETF on the New York Stock Exchange (NYSE), BTC price shattered its previous all-time high and made a new one. While this run-up returned 70% from September 21, things might now slow down briefly before the next leg-up.
Bitcoin price closed more than 5% lower on the Thursday session, but buyers have stepped in to hold the Tenkan-Sen as support. Ethereum price action shows that the recent rejection has caused some indecision. XRP price does not have far to move to initiate a massive bullish breakout.
The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable.