Crypto Price Analysis 10-31: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, POLKADOT: DOT, NEAR PROTOC...

The cryptocurrency market is back in the red after a brief recovery late Thursday/early Friday, with Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies trading in negative territory. BTC traded above $111,000 on Thursday, reaching an intraday high of $111,541. However, it lost momentum after reaching this level and fell to an intraday low of $106,398 during the ongoing session before moving to its current level. BTC is marginally down over the past 24 hours, trading around $109,882

ETH has seen a significantly higher decline over the past 24 hours. The world’s second-largest cryptocurrency is down nearly 2% over the past 24 hours, trading around $3,836. Ripple (XRP) is down over 3%, trading around $2.48, while Solana (SOL) is down nearly 5% at $185. Dogecoin (DOGE) is down over 3%, while Cardano (ADA) is down over 4%. Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered substantial declines over the past 24 hours

US-China Agree On Tariff Truce

A truce in ongoing trade tensions between the US and China could have changed the policy backdrop that dominated trading in October. According to reports, the US and China agreed to a tariff pause, bringing tariffs to 10%, a pause in export controls of rare-earth minerals, and the resumption of soybean purchases. President Donald Trump stated after the meeting in Busan,

“I guess, on the scale from zero to 10, with 10 being the best, I would say the meeting was at a 12.”

The tariff truce softens dollar strength and steadies global growth expectations. The cryptocurrency markets have reacted to these swings since October, reacting to policy developments and stabilizing when political rhetoric cooled and volatility concentrated around headline windows. Meanwhile, the pause on rare-earth mineral export controls reduces the uncertainty around equipment and data center planning. The one-year pause gives operators a window to schedule purchases and hedge energy needs without facing sudden procurement shocks

Strategy Unlikely To Buy Up Rivals

Strategy executive chairman Michael Saylor has dismissed talk about acquiring other Bitcoin treasury companies, stating that there was too much risk involved.

“Generally, we don’t have any plans to pursue M&A [merger and acquisition] activity, even if it would look to be potentially accretive. There’s just a lot of uncertainty, and these things tend to stretch out six to nine months or a year. An idea that looks good when you start might not still be a good idea six months later.”

However, Saylor did not entirely rule out acquiring a competing firm in the future, stating,

“I don’t think we would ever say ‘we would never, never, never, ever,’ but what we would say is the plan, the strategy, the focus is to sell digital credit, improve the balance sheet, buy Bitcoin, and communicate that to the credit and the equity investors.”

Meanwhile, Strategy CEO Phong Le stated that mergers and acquisitions for software companies, Strategy’s primary business focus, are difficult.

“There’s always something hiding behind what you actually think you purchase. I would say the same thing about acquiring Bitcoin treasury companies.”

Several analysts have stated that Bitcoin treasury companies may need to start buying each other as competition grows. Strive has become the first Bitcoin treasury company to complete a merger, acquiring rival Semler Scientific in an all-stock deal. The new entity will hold over 11,000 BTC, making Strive the 12th largest public Bitcoin holder

Bitcoin Mining: A Means To An End

Riot Platforms has reiterated that its strategy is to “maximize the value of our megawatts” rather than just focus on Bitcoin mining. The statement comes despite the company posting record revenues in Q3 due to a Bitcoin (BTC) production surge. Riot Platform’s Vice President of Investor Relations, Josh Kane, stated that while the company is satisfied with its Bitcoin mining initiatives, its broader focus is on “monetizing megawatts.”

“As our strategy has evolved, so has our approach to our Bitcoin mining business. We no longer see Bitcoin mining operations as the end goal, but instead as a means to an end, and that end is maximizing the value of our megawatts. Over time, this means transitioning the megawatts in our power portfolio for data center development. Ready-for-service power in the right locations is increasingly scarce and valuable, which in turn forms the basis for the enormous value creation opportunity ahead of us.”

Riot Platforms posted a quarterly revenue of $180.2 million, up 112% from Q3 2024. It also reported a net income of $104.5 million, compared to a net loss of $154.4 million a year before. The platform also registered a 27% increase in Bitcoin mining production year-over-year, mining 1,406 BTC in Q3 and taking its total tally to 19,287 BTC. 90% of the company’s Q3 revenues came from its Bitcoin mining ventures. Kane concluded,

“We will continue to utilize the opportunity Bitcoin mining brings to secure power and drive strong cash flow that we will leverage to support the ongoing transformation of our overall business.”

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) has reclaimed $109,000 during the ongoing session after facing significant volatility and selling pressure over the past few sessions. The flagship cryptocurrency fell 2.55% on Wednesday, settling at $112,906 as selling pressure intensified. It faced substantial selling pressure and volatility on Thursday, dropping to a low of $106,279 before settling at $108,308. BTC is up over 1% during the ongoing session, trading around $109,514

BTC plunged to a low of $106,279 on Thursday as tech stocks tumbled. The decline came even as bullish outcomes predicted by traders were confirmed. The decline mirrored weakness in the US stock market, where the S&P 500 and Nasdaq registered notable declines even as third-quarter earnings from Big Tech companies surpassed analyst expectations. Meta registered a 10% drop in share price while Microsoft saw a 3% drop, largely due to investor skepticism over AI spending, which overshadowed positive earnings reports. Meta has significantly boosted its capital expenditure on AI to around $70 billion, while Alphabet has dedicated up to $93 billion to the AI buildout

The market is also doubtful about President Trump’s positive description of his trade deal meeting with Chinese President Xi Jinping. The US has cut tariffs on Chinese goods, and China has agreed to delay export controls on rare earth minerals for one year. However, very little information about the nature of the discussion or additional agreements has emerged, leaving the trade tensions as an overhanging risk event for investors

BTC’s muted performance has also surprised investors and analysts who predicted a rally if the Federal Reserve rate cut, a US-China trade deal, and the end of the Fed’s quantitative tightening policy were confirmed by the end of October

Meanwhile, Strategy shares have risen nearly 6% during after-hours trading after the Bitcoin treasury company reported a net income of $2.8 billion during its third quarter, beating analyst expectations

BTC ended the previous weekend in positive territory, rising 1.37% on Sunday and settling at $108,676. Buyers retained control on Monday as the price rose nearly 2% to reclaim $110,000 and settle at $110,568. BTC surged to an intraday high of $114,082 on Tuesday. However, it lost momentum after reaching this level and dropped 1.99% to $108,362. Selling pressure persisted on Wednesday as BTC fell 0.72% to a low of $106,639 before settling at $107,585. Despite the selling pressure, the price recovered on Thursday, rising over 2% to cross $110,000 and settle at $110,116. BTC continued pushing higher on Friday, rising almost 1% to $111,042. Price action remained positive over the weekend, with BTC rising 0.56% on Saturday and settling at $111,666. Bullish sentiment intensified on Sunday thanks to positive macroeconomic developments, including positive trade talks between the US and China, and rising odds of a rate cut. As a result, BTC rose 2.58% to cross $114,000 and settle at $114,548.

Source: TradingView

BTC reached an intraday high of $116,410 on Monday. However, it lost momentum after reaching this level and settled at 114,087, ultimately dropping 0.40%. BTC rallied to an intraday high of $116,114 on Tuesday as bullish sentiment persisted. However, it lost momentum again and dropped over 1% to $112,906. Selling pressure intensified on Wednesday as the price fell nearly 3% and settled at $110,032. BTC plunged to an intraday low of $107,924 during the ongoing session. Volatility and selling pressure increased on Thursday as the price fell to a low of $106,279 before settling at $108,308, ultimately dropping 1.57%. BTC is up over 1% during the ongoing session, trading around $109,502.

Ethereum (ETH) Price Analysis

Ethereum (ETH) is marginally up during the ongoing session, struggling to reclaim $4,000. The altcoin faced substantial selling pressure this week, falling below $4,000 on Wednesday. Selling pressure intensified on Thursday as the price fell 2.56% to a low of $3,681 before settling at $3,805.

ETH has continued registering investor interest, with data from the CME Group revealing that ETH futures have leapfrogged Bitcoin futures in derivatives trading activity. Data shows that Ethereum futures on the derivatives exchange have outpaced Bitcoin futures in the monthly average daily volume (ADV) since April 2025. Several institutions have pivoted from BTC to Ethereum Treasuries, indicating their growing appeal and institutional demand. CME Group data also revealed that open interest (OI) in ETH futures reached 53,183 contracts, and micro Ether futures reached a record 335,016 contracts as of October 28.

Meanwhile, BitMine has added to its Ethereum treasury, purchasing 27,316 ETH on Wednesday. According to data from Lookonchain, BitMine purchased $113 million worth of ETH. The company announced on Monday that its holdings have crossed 3.3 million ETH, worth $13.2 billion at current prices. BitMine, led by Fundstrat co-founder Tom Lee, has established itself as the largest ETH treasury and the second-largest digital asset treasury behind only Strategy.

ETH started the previous weekend in the red, dropping 1.57% to a low of $3,680 before settling at $3,834. The price recovered over the weekend, rising 1.51% on Saturday and 2.39% on Sunday to settle at $3,985. ETH faced volatility on Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline and settled at $3,981. Selling pressure intensified on Tuesday as ETH fell almost 3% to $3,876. The price fell to an intraday low of $3,709 on Wednesday. However, it rebounded from this level and settled at $3,807, ultimately dropping 1.78%. Despite the overwhelming selling pressure, ETH recovered on Thursday, rising 1.33% and settling at $3,857. The price continued pushing higher on Friday, rising 1.33% and settling at $3,935.

Source: TradingView

Price action remained positive over the weekend as ETH rose 0.45% on Saturday and 5% on Sunday, reclaiming $4,000 and settling at $4,157. ETH reached an intraday high of $4,266 on Monday as positive sentiment persisted. However, it lost momentum after reaching this level and settled at $4,120, ultimately dropping almost 1%. Selling pressure intensified on Tuesday as the price fell over 3%, slipping below $4,000 and settling at $3,982. Sellers retained control on Wednesday as ETH fell 1.93% to $3,905. Selling pressure intensified on Thursday as ETH fell 2.56% to an intraday low of $3,681 before settling at $3,805. The price is up over 1% during the ongoing session, trading around $3,855

Solana (SOL) Price Analysis

Solana’s (SOL) attempts to reclaim $200 fizzled out on Wednesday as the altcoin lost momentum after reaching an intraday high of $201. As a result, it fell to an intraday low of $189 before settling at $194, ultimately registering a marginal decline. Selling pressure intensified on Thursday as SOL fell nearly 5% and settled at $184. The altcoin is up almost 1% during the ongoing session, trading around $186

A potential reason for SOL’s recent decline is Jump Crypto swapping $205 million in SOL for BTC. The market maker and trading platform executed the transfer on October 30, according to data from Lookonchain, converting 1.1 million SOL to 2,455 BTC

“Jump Crypto appears to be rotating a large amount of SOL into BTC. In the past 15 minutes, Jump Crypto transferred the unstaked 1.1M SOL to Galaxy Digital and received 2,455 BTC in return.”

SOL, which traded around $192 on Wednesday, fell to a low of $178 before ending Thursday at $184, down nearly 5%. Analysts believe the transfer could be a risk-off move, with BTC a safer bet as market turbulence hits the crypto ecosystem. Interestingly, the market slump has come after the Federal Reserve announced a 25-bps interest rate cut

SOL started the previous weekend in the red, dropping to an intraday low of $174 before settling at $182. The price recovered on Saturday, rising over 3% to $187, and registered a marginal increase on Sunday despite volatility and selling pressure to settle at $188. Buyers retained control on Monday as SOL rose 0.95% to $189. The price reached an intraday high of $197 on Tuesday. However, it lost momentum after reaching this level and dropped by over $2% to $185. Selling pressure persisted on Wednesday as SOL fell over 3% and settled at $180. Despite the overwhelming selling pressure, SOL rallied on Thursday, rising over 6% to reclaim $190 and settle at $191. Buyers retained control on Friday as the price rose 1.16% to $193.

Source: TradingView

Price action remained positive over the weekend as SOL registered a marginal increase on Saturday before rising 3% on Sunday and claiming $200. SOL reached an intraday high of $205 on Monday but lost momentum after reaching this level. As a result, it fell below $200 and settled at $198. Selling pressure and volatility persisted on Tuesday as SOL fell over 3% to $194. SOL reached an intraday high of $201 on Wednesday as buyers attempted to reclaim $200. However, it lost momentum after reaching this level and settled at $194, ultimately registering a marginal decline. Selling pressure intensified on Thursday as SOL fell nearly 5% and settled at $184. The price has recovered during the ongoing session and is up almost 1% at $186.

Polkadot (DOT) Price Analysis

Polkadot (DOT) started the previous week in positive territory, rising nearly 3% to cross $3 and settle at $3.06. However, selling pressure returned on Tuesday as the price fell 2.59% to $3.01. Sellers retained control on Wednesday as DOT fell 2.99% and settled at $2.92. Despite the bearish sentiment, the price recovered on Thursday, rising 2.74% to reclaim $3. DOT continued pushing higher on Friday, rising 2.67% and settling at $3.08.

Source: TradingView

Price action remained positive over the weekend as DOT registered a marginal increase on Saturday and rose 3.56% on Sunday to settle at $3.20. Selling pressure returned on Monday as the price fell 1.88% to $3.14. Sellers retained control on Tuesday as DOT fell almost 3% to $3.05. The price rose nearly 1% on Wednesday but was back in the red on Thursday, dropping almost 7% and settling at $2.87. DOT is up over 1% during the ongoing session, trading around $2.90.

Near Protocol (NEAR) Price Analysis

Near Protocol (NEAR) registered a marginal increase on Monday (October 20) and settled at $2.251. However, it lost momentum on Tuesday, falling 1.84% to $2.219. Selling pressure persisted on Wednesday as NEAR fell 2.49% to a low of $2.081 before settling at $2.164. The price recovered on Thursday, rising nearly 2% and settling at $2.203. Buyers retained control on Friday as NEAR rose over 3% and settled at $2.272.

Source: TradingView

Positive sentiment persisted over the weekend as NEAR rose 0.45% on Saturday and nearly 4% on Sunday to settle at $2.369. However, selling pressure returned on Monday as the price fell 1.74% to $2.327. Bearish sentiment persisted on Tuesday as NEAR fell 3.91% to $2.237. The altcoin recovered on Wednesday, rising 1.85%. However, it was back in the red on Thursday, dropping nearly 8% to $2.102. NEAR is marginally up during the ongoing session, trading around $2.105.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.