Over the past week, the cryptocurrency scene has seen notable activity especially with the Pi Network enhancing its services while Bitcoin (BTC) experienced a significant price hike.

Key Updates from Pi Network

This week, Dr. Chengdiao Fan, co-founder of Pi Network, presented at TOKEN2049 held in Singapore, highlighting the launch of a new decentralized exchange (DEX) and automated market maker (AMM) liquidity pool features designed to enhance user engagement.

These features, currently accessible on the Testnet, aim to educate developers and users about DeFi interactions prior to entering the Mainnet. Documentation detailing the process will be available soon.

Additionally, Pi Network concluded its .pi Domains Auction on September 30, promising an extension for bids placed within the last 24 hours.

“However, if a domain receives a bid within the last 24 hours of the auction, the bidding window for that domain will automatically extend for 24 hours…” Transaltion: “Ancak, eğer bir alan adı son 24 saat içerisinde bir teklif alırsa, o alan adına ait teklif verme süresi otomatik olarak 24 saat uzatılacaktır…”

Bitcoin’s Uptrend

Bitcoin kicked off October with impressive gains, surpassing $121,000 for the first time since mid-August. At the time of writing, BTC is trading around $120,300, showing a 10% weekly increase.

This upward trend comes amidst governmental concerns in the U.S., heightening optimism within the crypto community, which expected this month to be fruitful, supporting a surge in long-term holders’ accumulation.

Analyst Ali Martinez indicated that over 3,800 BTC were bought by long-term holders recently, reflecting significant investor confidence. Moreover, whales added another 30,000 BTC within 48 hours, tightening the circulating supply and indicating potential for a price rally.

With XRP also tracking a similar upward trend—now trading above $3—analysts forecast an imminent breakout targeting $3.60.

Keep a lookout, as buying opportunities may arise related to market fluctuations based on the Relative Strength Index readings that suggest potential overbought conditions.