Cryptomarket update: 26 october - 1 november.
During October, the BTC price managed to exceed the USD 13,000 level for the first time since the great upward run in 2017. In fact, this price had not been able to exceed it since 17th December 2017, when it reached over USD 20,000.Source: cryptogazette.com
BTC market performance
There is a candlestick chart called the "BTC Monthly Logarithmic Chart" in which each candlestick represents one month of the year to analyse the long term trend of this main cryptoasset. Well, last October's candlestick of the overall BTC trend was above $13,000 for the first time in almost 3 years.
Overcoming the USD 13,000 resistance is a psychological barrier that has been set over the past 3 years and has been suddenly broken, what it means that it is increasingly close to the BTC's maximum peak, which was set at just over USD 20,000 on 17 December 2017. At the time of writing this article, the BTC current price is USD 13,815.74 and has been rising continuously since early October.
By overcoming this resistance, we can assume that it is very weak so BTC could be on its way to achieve the "all time high" level, and that the BTC price is having a wonderful year since it fell to USD 3,700 in March of this year. We are having ever higher highs and lows and this doesn't seem to be the end but the beginning.
As we can see in the global graph at one side, from mid 2017, we can count three clearly differentiated waves, the first peak that was produced in December 2017, the second from June 2019 and we are clearly now in the third wave starting in March 2020 until now.Source: exchange.mind.capital/user/market/BTC/USDT
ETH Market Performance
This time it seems that the BTC's upward run is overshadowing the potential growth of altcoins and especially the first altcoin which is the ETH. As a result, the number of ETH operations has fallen and the same way, its ERC20 tokens performance too. Usually, whenever the BTC reaches a significant peak, altcoins followed it with a good growth. However, in this case, until the BTC completes its bullish run, it cannot be expected that the altcoins will be able to keep up with it, therefore it is expected that this may occur within a few months and perhaps already during the first quarter 2021.
The BTC's dominance over the crypto market has increased during last month's rally from 58% to almost 64% as it can be seen in the BTC Dominance chart.Fuente: coincodex.com
It can be mentioned that the BTC's bullish run, which began in early October, has eclipsed the growth that the altcoins were having and the BTC is taking over this growth by gaining ground and even greater leadership of the crypto market. "The altseason is over” and will have to be postponed until the BTC completes its significant upward trend
Given the great strength of BTC, the decline of altcoins against the BTC is expected to become more acute, and in particular the ETH performance against the BTC (the ETH/BTC pair). If the ETH does not recover, further declines can be expected. The ETH price against the BTC has been falling since September this year as it can be seen in the chart at one side.Fuente: exchange.mind.capital/user/market/ETH/BTC
Top 5 more remarkable altcoins
The top 5 altcoins of the week are as follows as you can see from the criptonoticias’ table below:
Waves is in the first place with a 32% increase to reach USD 3.29, which is followed by Monero (XMR) (see this week's Monero article) with over 22% increase reaching USD 123.66, third position is placed by Litecoin (LTC) with an increase of over 17% with a current price of $54.12, Bitcoin Cash (BCH) is in fourth place with a 15% growth reaching USD 261 and finally ChainLink (Link) with an increase of more than 13% having USD 11.17 price.Fuente: criptonoticias
1st) Waves: with a continuous and very outstanding growth since mid October, possibly due to the numerous stablecoins that are being added to its platform and to the grant programs developed to increase the interoperability with other Etherium blockchains. Its capitalisation has risen to USD 328 million with an average daily volume of around USD 30 million in recent weeks.
2nd) Monero (XMR): which is again repeating the weekly top for the last consecutive 6 weeks, due to the announcement of a soft fork that means a big update in its code. Monero TV was also launched as a news channel about the crypto world, devoted to the crypto knowledge sharing in general and in particular about this cryptocurrency and itsdifus blockchain.
3rd) Litecoin (LTC): with remarkable growth, possibly due to the inclusion of this cryptocurrency in the Paypal payment platform, although it was previously having an upward trend as it was also included in the CredEarn platform's cryptcurrency loan program, in addition to being listed on the Stuttgart stock exchange in Germany.
4th) Bitcoin Cash (BCH): waiting for its new "hard fork" in mid-November, which will increase interest in this cryptocurrency. Apart from that, this altcoin will also be included in Paypal along with LTC to be bought, sold or stored.
5th) Chainlink (Link): because the Chainlink blockchain random number algorithm is being used by major lottery firms, and it is even being used to bet on the US presidential elections in early November. The capitalization of this token so far has risen to 4.338 million with a daily volume of over 660 million USD.
In summary, during these last weeks there have been increases in almost half of the cryptocurrencies within the crypto industry, although these increases have been led by the leading cryptocurrency, the BTC, as we have mentioned above it previously, with certain altcoins that have been following the BTC’s pattern.