The cryptocurrency market digest (BTC). Overview for 27.10.2023

The BTC exchange rate has dropped to 34,173 USD by Friday.

This is exactly as expected: the quotes have accounted for all the existing drivers, and new ones have not come. That is why the market stopped.

The market looks ready to develop the scenario with a correction to 29,500 USD. After BTC reaches this target, an increase to 31,200 USD and 32,000 USD might become possible.

The cryptocurrency market capitalisation remains at 1.26 trillion USD. The BTC share has dropped to 53.0%, while the ETH share stands at 17.2%.

BTC capitalisation exceeds Tesla parameters

Total market weight of BTC amounts to 677.23 billion USD this week. To compare, Tesla market capitalisation is 675 billion USD and that of Eli Lilly is 556 billion USD.

BTC search volume has skyrocketed

This week, the number of search queries “buy BTC” in the UK has topped up 826%. In the US, the query is formulated as “should I buy BTC now”. The number of such search queries has added 250%.

ChatGPT forecasts BTC prices by Halloween

Market participants would not stop trying to use AI opportunities for working on exchange platforms. Now they are focused on the forecasts of the BTC price on Halloween made by the ChatGPT bot. AI insists that the most popular coins over this period will be BTC, ETH, BNB, and SOL.