Posts

Some cryptocurrencies we can keep an eye on in October 2022

avatar of @heskay
25
@heskay
·
·
0 views
·
2 min read

To complete the third quarter of the year, the cryptocurrency market posted a bearish result in September 2022. The cryptocurrency market started to rise in anticipation of the Ethereum Merge upgrade, which caused the market to rise above the trillion-dollar threshold. However, this price action ended up being a case of buying the rumor and selling the news, as the market quickly lost its trillion-dollar status.

Source

The flagship cryptocurrency asset, Bitcoin, started trading at $20,049.76 at the beginning of the month and ultimately ended the month at $19,431.79, representing a 3.08% loss. As previously mentioned, the month turned out to be bearish for the cryptocurrency space.

The price of one bitcoin peaked at $22,673.82 in the middle of the month, marking a monthly high. At the conclusion of the month, Bitcoin held a 39.49% market share, an increase of 0.15% from the 39.34% it held at the start of the month.

From $973.9 billion at the beginning of the month to $943.5 billion at the conclusion, the market capitalization of cryptocurrencies fell 3.12% in September. During the month, the market value of cryptocurrencies traded as high as $1.08 trillion.

Similar bearishness was seen in the Altcoin market, which dropped 3.73% in September, from roughly $591.1 billion to $569.1 billion at the end of the month, nevertheless trading over the $500 billion threshold.

However, given the market's current gloomy trajectory, here are some cryptocurrency investments to be on the lookout for in October 2022.

1 . Bitcoin's, BTC Since there are still strong signals of more price falls, the leading cryptocurrency asset, Bitcoin, is still not out of the woods. In addition to the analysis of CryptoQuant contributor Edris, data from Glassnode indicates that Bitcoin may soon trade as low as $12,000.

2 . Ethereum, Ether Ethereum, which hosts a wide range of financial goods, innovations, and automation with varied degrees of decentralization, is still the largest smart contract platform in the world of digital assets (generally referred to as DeFi).

One of the most significant and well-covered occasions in the 2022 cryptocurrency ecosystem was the Ethereum Merge. In an event, the Ethereum Blockchain, the largest platform for smart contracts, switched from a Proof-of-Work (PoW) consensus mechanism, which is thought to be less environmentally friendly, to a Proof-of-Stake (PoS), which is thought to be the more environmentally friendly of the two major consensus mechanisms.

3 . Solana, SOL Due to its PoS-based blockchain that is comparable to Cardano's, Solana is also referred to as an Ethereum rival. It is distinctive in that the platform claims to increase scalability by combining the fundamental proof-of-stake (PoS) consensus of the blockchain with a proof-of-history (PoH) consensus.

  1. XRP The XRP Ledger's native coin, or XRP, can be used to make purchases on the platform and other supported sites. The United States Securities and Exchange Commission case with Ripple is still being handled by the company (SEC). The SEC accused Ripple of selling $1.3 billion worth of XRP in an unregistered securities offering, according to claims made in December 2020. The assertions were rejected by Ripple, who insisted that XRP shouldn't be viewed as a security.

Posted Using LeoFinance Beta