Hello, 18Digits. Having you back for this week’s review is wonderful. You can be sure that we have both the results of your votes and the most important cryptocurrency news from this past week.
The cryptocurrency market saw signs of an uptrend at the beginning of October as Bitcoin quickly climbed up to $20,400. However, the uptrend seems to have been halted, with Bitcoin hovering around the $19,000 region. This past week has seen the industry-leading cryptocurrency 30-day price volatility at its lowest in almost two years. In addition, there were significant changes from the week’s voting results. However, let’s take a brief look at the crypto market this week before thoroughly analyzing the voting results.
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?
As investors watched from the sidelines, the price of bitcoin was essentially unchanged this week. However, investors are considering the implications for the historically high-volatility cryptocurrency as bitcoin trades unusually quietly at just over $19,000. According to data from blockchain analytics company IntoTheBlock, bitcoin’s 30-day price volatility was at 31%, the lowest level in almost two years.
Bitcoin and several cryptocurrencies have remained relatively flat over the past week. Bitcoin has seen a price dip of over 3% in the last seven days, with little change over the previous 24 hours. This year’s Federal Reserve interest rate increases, which have roiled prices for risky assets like stocks and cryptocurrencies, have put significant pressure on the price of bitcoin. Ethereum experienced a similar decline to Bitcoin over the past week, falling 2.54% to $1,287 as of publication.
Other top cryptocurrencies, too, have fallen slightly over the past week. Binance Coin (BNB) is down by 2.23%. Dogecoin (DOGE) is down by 2.15%. However, some cryptocurrencies have seen a major decline, with Ripple (XRP) leading the way with a 10.79% price drop. Cardano (ADA) and Solana (SOL) always witnessed a price decline of over 10%.
18Digits Top 18 Voting Results: Bitcoin Back in Second Place as Aptos Debuts
Ethereum kept its streak this week and remained the top pick for the 18Digits community. After leapfrogging Bitcoin (BTC) to rank second last week, Binance Coin (BNB) failed to hold the position and has now returned to third on the chart, with BTC regaining the second spot.
This week, a new cryptocurrency was on the top 18 voting results as Aptos (APT) debuted in 16th place. The biggest winner in the top 18 this week was Polygon (MATIC), as it climbed two places into the 6th spot. Cardano (ADA) gained a spot as it joined the top 5 tokens. Shiba Inu (SHIB) was the biggest loser in the top 18 as it slipped two places into the 7th spot. Finally, Polkadot (DOT), PancakeSwap (CAKE), and Zilliqa (ZIL) all lost a spot and slid into 8th, 13th, and 18th, respectively.
Biggest Winners & Losers: EthereumPow leads the gainers, while Exeno, Gemie amongst others, come out as losers
This week’s biggest winner is EthereumPow (ETHW). The token rose from 18125 places to 273rd place. Unidef and FEG BSC moved up 17199 and 11974 positions, respectively. DeRace comes next, moving up by 11374. Mango is the fifth-biggest winner, having risen 10457 places.
This week’s biggest loser was Exeno. The token dropped from the 228th to the 20425th position, a drop of 20197. The remaining losers to complete week 42’s list were Gemie, EverGrow Coin, Dawn Star Share, and Cryptolic.
Vote for Your Favorite Cryptocurrency on 18DigitsAs 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. And it’s a wrap this week. See you next Friday!