The interest of market participants appeared to increase as October officially began. Hopes of a recovery were brought with the beginning of a new month and a new quarter. Let's examine whether or not the cryptocurrency market met expectations now that October is almost over.
Back in the second week of September, the entire market value for cryptocurrencies was safely above the psychological $1 trillion threshold. It has simply been hovering beneath it ever since. As shown in the chart below, attempts to re-test the level over the past few days failed since the 100 MA rejected the valuation by over $970 million.
Likewise, even the top two cryptos failed to put up an impressive show.
Bitcoin prices surged above the psychological $20k level in the first week of October. However, due to a lack of bullish momentum, the price continued to decline, reaching a low of $18.1k in the middle of the month.
It seems that we are back where we started, though. Bitcoin has managed to keep afloat due to the recovery seen over the last two days. Nevertheless, if bulls do not intervene, there is a chance that the asset will once again test $19,000.
1 October Open Price: $19,442.6
Press Time Price: $20,244.19
Investors’ Paper Rol: 4.23%
Ethereum also had trouble rising on the charts for the majority of this month. However, the string of green candles that have been recorded since October 21 have been able to raise the asset's price above $1.5k, which was its previous trading range in early and mid-September.
If purchasing pressure manages to increase over the weekend, the asset is forecast to move toward its 200 MA [green]. The largest altcoin would be driven towards its 100 MA [red] if bears were to play spoiler or if Bitcoin fell.
Nonetheless, here’s how much investors have earned so far in October:
1 October Open price: $1,328.7
Press Time Price: $1,512.7
Investors’ Paper Rol: 13.84%
What do you think about this months Crypto Market? Let’s know by sharing this article in your thoughts in your social media channels.