October 2019 Crypto Market Review
What an eventful month in crypto! Bitcoin & Co really kept us in suspense until the very last days of October. Let’s have a look at the “what”, “why” and “how much”.
How Was October for Bitcoin?
The first days of October were stable for Bitcoin (BTC). The crypto started the month at $8,302 and stayed more-less within those lines until October 5th’s drop to $7,881. That was the first out of the two times that all Bitcoin investors held their breath. Luckily, the surprise was brief and BTC got back on its feet the next day, drifting between $8-8.5K until October 23. The crypto fell from $8,031 to $7,477 in a day. However, we didn’t have much time to worry about it, as BTC hit $8,658 two days later and went on another increase sprint. Then came the 9K line and BTC ended the month at $9,045. So what caused the lows? And the highs? Let’s see what the speculations say.
Some say that the market was enthusiastic before Bitwise’s ETF and it’s rejection by the SEC, due to not meeting legal requirements, sent the price on a downward journey. Declining volumes leveraged the decrease. But the focus point in analyzing this month’s events started on October 24 – when China’s president Xi Jinping voiced his support for Blockchain. Xi Jinping said in his speech to the Political Bureau of the Central Committee that China needs to seize the opportunity that blockchain technology brings along. He urged to see blockchain as an important breakthrough in innovation. Although nothing was mentioned about cryptocurrencies, this statement initiated a wave of positive speculations.
The price of Bitcoin jumped as high as $10,540 on October 26 and eased up a bit by October 28th. Given China’s unfriendly history with crypto (banning ICOs and forcing local trading platforms to shut down), it is easy to see why many associate China’s sudden Blockchain enthusiasm with Bitcoin’s miraculous price growth. To add something to the fact pool – BAKKT Bitcoin futures market hit an all-time high volume on October 26th, possibly contributing to the positive price changes.
Other Top Assets
Now that we have Bitcoin covered, let’s see how the rest of the top assets performed in October.
Last month was a tandem of a short term increases and decreases for Ether (ETH). The crypto started October at $175.8 and continued rather positively, reaching $192.7 on October 9. A price drop followed and Ether spent the next couple of weeks hovering at around the $175 line. Ether followed the pattern of the rest of the crypto market and reached $190 for the second time this month on October 29. The price of Ether on October 31st was $179.4.
The starting position of Ripple (XRP) for this month was at $0.248. The first half of the month was rather stable and positive for the crypto – as its price continued to grow, reaching $0.297 on October 14. The second half of the month saw a slight decline in the price of the crypto and the price commuted between $0.27 and $0.29. XRP picked itself up by the end of the month, reaching $0.302 on October 29 and ending the month at $0.291.
The price of Litecoin (LTC) was $55.6 at the end of the month. The majority of October continued within those lines, as LTC climbed up to $57 and back to around $55 by October 20. The remaining third of the month saw the most turmoil for the asset, as the price dropped from $54.7 on October 21 to $49.6 on October 24. The next day saw a noteworthy increase, as Ripple was worth $56.95 on October 25 – showing a 14% increase. The surge continued and LTC surpassed the $60 line on October 27, achieving the price of $62.4 and ending October at $57.3.
Bitcoin Cash (BCH) had a very eventful month. The asset went through 30% price change within October. BCH started at $222.7 on October 1 and stayed within the $220 to $230 lines until October 16. That is when BCH dropped to $216.8, followed by the low of $199.1 on October 23. It didn’t take long until BCH was back on its feet – we saw a 22% increase two days later and Bitcoin Cash hit $258.9. The sprint continued and BCH went on to reach $305.01 on October 30. Bitcoin Cash ended the month at $274.5. What a month!
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