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Bitcoin was one of the top five cryptocurrencies in October. Will November be the same?

November 5, 2020

With a gain of 33.5% just in October, the leading cryptocurrency in the market, Bitcoin, stood out along with four other altcoins as the top 5 coins of the month that just ended.according to the analysis company LunarCrush, as you checked G.Crypto in your official account.

With a 10th month of the year market cap of just over $ 255 billion and an average price of over $ 13,000 Bitcoin stood out in the crypto ecosystem for its bullish state, which many analysts predict as the beginning of an ascending parabolic trajectory before the next big one Bull run, a term associated with the rise in prices to historic highs for BTC in 2017.

Bitcoin was one of the top five cryptocurrencies in October. Will November be the same?
Bitcoin was one of the top five cryptocurrencies in October. Will November be the same?

Undoubtedly, one of the big catalysts behind the rise in the price of Bitcoin was the news from PayPal of the acceptance of buying and selling through its cryptocurrency platform. A market with more than 500 million users around the world that could see the integration of cryptocurrency trading in general by 2021.

The price of Bitcoin rose from registration for October 1st to a value of USD 10,795 to a monthly closing price of USD 14,000. After Litecoin, Bitcoin Cash, Chailink and Ethereum, which saw positive growth over the same period, it also led the performance among the top ten largest cryptocurrencies in the market by market cap.

In addition, the cryptocurrency saw an advance in the OctoberGalaxy Score‘, An internal indicator of the platform LunarCrush to indicate the social traction in cryptocurrency networks of nine percent during the specified period.

Despite the expiration of the Bitcoin futures on the last Friday before Halloween, the price was not affected by the processing of orders for the 13,000 levels, unlike on other occasions.

In this context, the monthly volume of the futures exchange fell by 10% in October in relation to the volume registered in September 2020 from USD 741,000 million to USD 667,000 million, as reported by Cryptorank.

October 2020 was also a month in which the exchange of spot volume on the main exchanges was adjusted. It was a third less than its September pair, rising from $ 379 billion to $ 257 billion.

In the same order, according to Bitquery, the monthly exchange in October in the DEX also shrank by -38.8%.

Both of the above dates give an indication that Bitcoin stake is increasing among both retail investors and institutional investors like Grayscale.

And as if that wasn’t enough, Bitcoin led the trends on social networks like Twitter last month, as reported by Lunar Crush on its official account, with an average of network mentions a little over 3.9 million, +27 , 72%.

BTC current situation

How did you announce it Cointelegraph today, The price of Bitcoin records 100 consecutive days above the five digits. after breaking USD 10,000 in late July, a record not seen since 2017 before the all-time high for BTC.

Today’s date, The price has risen by + 38% since thenAfter July 27, 2020, the psychological limit of 10,000 was exceeded.

Amid positive news surrounding the crypto ecosystem that has made Bitcoin appear immune to the US presidential election trend, the size of the volume aggregates and the open interest in products related to the leading cryptocurrency continue to see a sharp surge, falling with the largest Influx of BTC combined ever by large institutional investors such as Grayscale Confidence.

Currently, Bitcoin is stable during the US election, trading at an average price of $ 14,138 (+ 2.21%). according to the price index of Cointelegraph, after a brief relapse below 14k.

Of course, part of the positive performance that day for Bitcoin came from the election issue in the United States and the sense of a possible victory in each of the controversial sites.

For many analysts, a victory for Donald Trump would mean confidence in the stock markets, and since cryptocurrencies have been highly correlated with them in the past few months, his victory is seen as an incentive to push Bitcoin higher.

While there is no clear trend in this regard, the price of BTC has so far proven to be immune to forecasts and the current electoral landscape in the world’s major economy.

In the meantime, the rest of the altcoins lagging behind from Bitcoin’s bullish sentiment seem to have some reason to start a bull run, especially those linked to Ethereum.

Today, Ethereum founder Vitalik Buterin announced on his official Twitter account that this will be the start of the planned launch of ETH 2.0, the scalability solution that many have long been waiting for with other issues, high transaction fees and congestion the main network in which the most important DeFi protocols are anchored.

What can you expect from Bitcoin?

Bitcoin price doesn’t seem to be stopping on its uptrend that began three months ago after breaking the 10 km mark.

Since then, The price has not stopped growing and breaking resistance on its daily chart, as the popular influencer and successful cryptocurrency trader has pointed out on several occasions Lisa Edwards.

With her special and colorful style of explaining future trends for the market-leading cryptocurrency, Lisa was quite optimistic about the price movement around Bitcoin.

For now, The latest technical estimate shows that the price of Bitcoin will continue to climb to $ 16,000, not before a technical stop in the region with strong support at levels 100 and 200 employees.

At the moment your prediction seems completely correct, after watching the whales enter the scene yesterday to create a small drop in the region of 200 MA, as CryptoQuant explains in its graph about the average BTC entry for all cryptocurrency exchanges.

In the meantime, the daily demand for Bitcoin worldwide is growing faster than it was in the early stages of BTC. The forecast share-to-flow outlook has so far been fully met just under a year after the last halving.

The views and opinions expressed here are solely those of author and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement carries risks. You should do your own research when making a decision.