Hello, 18 digits. Welcome to another edition of your favorite weekly review. We’re back with updates on the voting results for this week and the biggest stories in the crypto market.
October started with a lot of green candles for the crypto market as Bitcoin broke the $20k barrier with a quick uptrend to around $20,400. This move was spurred as many investors and traders expressed the possibility that the Fed could pivot and drop interest rates, similar to what the Bank of England did. If this happens, the Dollar will crash, and this could trigger a large bullish movement for Bitcoin as many people will see it as a buying opportunity. This review explores the most significant price action in the crypto market.
Before you continue reading, please be aware that this article is not intended to be financial advice. Before investing or hiring a professional, you should conduct your research.
What Happened in the Crypto Market this Week?
This week Bitcoin shot past $20k as speculation built on the possibility of the Federal Reserve dropping interest rates. Last week, the decision of the Fed to raise interest rates led to Bitcoin’s price dropping from a high of $19’950 to $18,660. This week, however, the reverse is the case. Many analysts and experts have shared the prospects of October being an “Uptober” with strong bullish trends.
This week Bitcoin attempted twice on Tuesday and Thursday to reach $20.5k but met resistance at the $20.4k mark. Bitcoin dipped to its lowest price of $19739 this Wednesday, and was quickly followed by a bullish momentum to $20.4k. Over the week, Bitcoin has grown by 2% and is now hovering around the $20k mark.
In the last 24 hours, there’s been a slight downtrend in the global crypto market as the general market cap went down by 0.78%. Bitcoin is toggling below and above the $20k zone, and ETH hangs around $1350. BNB is down by more than 3% following the news of a hacker on the Binance Smart chain leading to a halt in buying and selling of BNB. XRP continues it’s breakout as it rose from $0.43 to $0.5, raking in more than a 10% increase in the past week.
18Digits Top 18 Voting Results: BNB shifts lower, Avalanche crashes out as Battle Infinity jumps 15000 positions up
Among the top-ranking four coins, Ethereum (ETH), Binance Coin (BNB), Bitcoin (BTC), and Solana (SOL), BNB and BTC swapped positions as BNB moved a step down to 3rd while BTC climbed from 3rd position to 2nd.
Five coins in the top 18 maintained their previous ranks. This includes Dogecoin (DOGE), Polkadot (DOT), and Tether (USDT) at 10th, 11th, and 12th, respectively. Stellar (XLM), Terra (LUNA), and CELO also remained at their 15th, 16th, and 18th positions.
The only coin that pulled out of the top 18 was Avalanche (AVAX), after dropping 2 positions from 17th to 19th. Cardano (ADA), Polygon (MATIC), Tron (TRON), and Pancakeswap (CAKE) all moved a step upward as Zilliqa was 2 steps ahead from the 19th to 17th position.
Biggest Winners & Losers: Battle Infinity leads the gainers by surging 15,000 positions ahead while KDLaunch, KDSwap amongst others, come out as losers
In this week’s biggest winners, Battle Infinity shoots 15,758 steps ahead from 16174th to 426th. In the second position is Injective, which made a place change of 7,483 from 7922 to 439, Next is Affyn, shifting upwards by 3765, followed by the Coin of the champions, which took the 4th position with a 1286 place change, and Dex Tools followed closely increasing in rank by 1270 positions.
The biggest losers are the KDLaunch KDSwap, Miners of Kadenia, Lego Coin V1, and Buffer after plummeting by 20127 positions down from their previous ranks.
Vote for Your Favorite Cryptocurrency on 18Digits
As we wrap up this week’s review, remember to vote for your favorite crypto coin next week. The process is simple and quick; take a few seconds to become a community member by registering here and checking out the rules to get a comprehensive what-you-need-to-know community guideline here. And it’s a wrap this week. See you next Friday!