Top 5 Cryptocurrencies to watch in October 2022Â
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Loading... - Megan Miller
- 07 Oct 2022
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The cryptocurrency space in the month of September 2022, saw it post a bearish performance to end the third quarter of the year. The cryptocurrency market began to rally in anticipation of the Ethereum Merge upgrade, which saw the market rally above the trillion-dollar mark, but it turned out to be a buy the rumor and sell the news price action as the market lost its trillion-dollar status just a few days after claiming it.
As previously mentioned, the month ended up being a bearish month for the cryptocurrency space as the flagship cryptocurrency asset, Bitcoin began trading from $20,049.76 at the beginning of the month and ultimately ended the month at $19,431.79, representing a 3.08% loss. In the middle of the month, the price of one bitcoin reached a high of $22,673.82, representing it’s monthly high. Bitcoin’s market dominance ended the month at 39.49%, up by 0.15% from the 39.34% seen at the beginning of the month.
The cryptocurrency market capitalization in the month of September lost 3.12% for the month, from $973.9 billion at the start of the month to end the month at $943.5 billion. The cryptocurrency market capitalization traded as high as $1.08 trillion during the month.
The Altcoin market experienced similar bearishness, losing 3.73% in September, from approximately $591.1 billion to currently standing at $569.1 billion at the end of the month, still trading above the $500 billion mark. During the month of September, we saw the altcoin market capitalization trade as high as $650 billion.
Highlights for the Month of September
Analyzing Bitcoin’s Exchange Inflow Spent Output Ages Bands (SOAB), CryptoQuant contributor Edris showed that those who bought between April 2021 and April 2022 have been selling coins en masse, for less than they bought them. He explained, “These coins have been bought between April 2021 and April 2022 at prices above $30K. This signal means that many holders who have entered the market during the 2021 bull market and above the $30K mark, have recently capitulated and exited the market at an approximate 50% loss.”
1. Bitcoin’s BTC
Flagship cryptocurrency asset, Bitcoin, is not out of the woods yet as there are still strong indications of more price declines ahead. Asides from the report from CryptoQuant contributor Edris, data from Glassnode suggests that Bitcoin could trade as low as $12,000 soon.
In its new report, titled, “The Great Detox,” Glassnode explains that due to the current price action we are seeing in the market, is pressuring market participants, from long-term holders (LTHs) to miners, which could force a selling pressure that would see a further decline in its price. Because of this, Glassnode predicts Bitcoin’s price could trade as low as $12,000 before we see any meaningful bullish price action.
Although Bitcoin, as shown a remarkable degree of strength in the face of the bullish dollar index (DXY), the measure of the strength of the United States native currency, the U.S. Dollar, as the evaporation in global liquidity, continues, the token still runs the risk of its price falling, like we have seen with other fiat currencies like the British Pounds and the Euro.
Bitcoin’s price has so far remained range-bound this week, trading between a peak of $19,639 and lows of $18,309. However, price action is just barely hanging on to the consolidation range lows set in July, holding the line from what could be further capitulation, a capitulation that could see Bitcoin price trade level it has not traded since October 2020.
Bitcoin ended the month’s trading at $19,431.79. Read More…
