October began with a decline in Bitcoin, altcoin, and memecoins like Dogecoin prices backed by the Fed’s quantitative tightening and interest rate hike. Bitcoin fell below 20k psychological levels, causing tensions for investors.
The month concluded with an impressive price rise for altcoins in the market. Although bitcoin prices fell below 20k, they recovered later. However, Memecoins saw significant gains with DOGE rising by 25%. DOGE’s success was closely followed up by SHIB and the rest of Memecoins.
How Dogecoins and other Memecoins Fare
After Elon Musk’s acquisition of Twitter, DOGE saw a surge in its price. DOGE was trading at $0.06 on October 25th, before rising to $0.1 the following weekend. After reaching a high of $0.15 for five months, the memecoin fell to $0.11 on Monday.
Doge looks bullish in November. It pumped over $0.15 following a 15% increase, but is now at $0.13. Dogecoin, among many other memecoins, experienced bulls. Others followed closely. Shiba inu gained over 8% within the past 24 hours. Shiba Inu trades currently at $0.00001283 and has a 24 hour high of $0.00001345. More notable gains were recorded by Shiba Floki Inu and Baby Dogecoin.
Binance Coin has also seen a significant increase in value, with more than 5% added daily. It now trades at $325. Uniswap also saw a price rise with BNB, surpassing the $7 mark. Similarly, Ether and Tron are experiencing a similar price increase to BNB. Meanwhile, Polkadot and MATIC have seen their prices drop insignificantly.
Outlook on Bitcoin Prices
While not quite as spectacular as DOGE or other memcoins last week, Bitcoin, the most popular cryptocurrency, performed well. Bitcoin’s price has been hovering around $19,000 for the past weeks. It jumped to above $20,000 on Tuesday 25 October.
On two occasions, Bitcoin rose to $21,000, with Saturday’s price being the highest since September 13. BTC didn’t celebrate its return until bearish sentiments took hold and drove the asset back. BTC lost $20,500, and was trending towards $20,000 Monday. However, it still managed to keep the $20k level. It currently trades above $20,000.
The BTC market capitalization has dropped to $395 Billion and its position in the top ten is at 38.6%.
Trader’s must be careful as the cryptocurrency market can fluctuate in price, especially given current macroeconomic circumstances. Four major events will be taking place in the next ten-days, and could lead to uncertain outcomes.
Considering the impacts of the previous events – the release of CPI numbers and FOMC meetings—on Bitcoin, it is not wrong to expect more price volatility soon.
In the coming ten days, the Federal Reserve meeting and nonfarm payroll data of the Bureau of Labor Statistics will be held. Mid-term elections are also scheduled.
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