coindesk.com
Bitcoin's price was up about 0.3% over the past 24 hours, the latest surge in an upbeat week that saw the largest cryptocurrency by market capitalization climb 8%.
The spike came amid new hopes that the U.S. central bank would be able to scale back its monetary hawkishness some time early next year and a few mildly encouraging economic indicators.
in Ether prices recently increased 0.6% from Thursday, same time, and were up approximately 19% over the past week.
As October closes, investors may wish to look back before taking stock of the current and likely future crypto climate.
On June 13, BTC plunged 15%. Fears about inflation had heightened and the U.S. Federal Reserve was days away from boosting interest rates 75 basis points for the first time since 1994.
Celsius Network had just announced a pause in user withdrawals, and Three Arrow Capital was a day out from announcing troubles that ultimately led to their liquidation.
Anchored Volume Weighted Average Price (AVWAP), a technical tool developed by Brian Shannon, CMT, allows users to track an asset’s Volume Weighted Average Price (VWAP) from a moment of their choosing, including dates and specific events.
Since June 13, BTC prices have begun to approach the AVWAP level. The implication of this is that through all the turmoil, and incorporating asset volume, investors who went long BTC from June 13 forward are on average moving closer to break-even status.
AVWAP levels can often serve as levels of support and/or resistance, so prices surpassing this mark could be significant.
Using AVWAP for ETH, and anchoring from June 13, shows that prices surpassed AVWAP levels on Oct. 25. ETH has also begun to outperform relative to BTC, as the ETH/BTC ratio increased 3% over the last seven days.
