It’s no secret that October has been a very difficult month for the stock market, and many shareholders had a tough time catching their breath, but was the cryptocurrency market affected by the chaos?
All 10 of our top 10 market cap coins dropped in value from the 1st of October to the 31st, which unfortunately has become a norm for the market, but the drops in value were not quite as dramatic as they have been in recent months.
Bitcoin celebrated its 10th birthday this month, which has caused many people involved in the cryptocurrency market to look back at the coin’s highs and lows over the years.
The cryptocurrency news was equal parts exciting and worrying this month, from a newly developed HTC cell phone that can only be purchased with cryptocurrency to a free fall in some of the market’s top coins.
In addition to giving you the top news stories for the month of October, we’ll also break down the top 10 market cap coins and rank them by their performance over the course of the month.
For each coin, we’ve included a little bit of background information as well as its October performance numbers for your convenience.
It’s ALWAYS a good idea to review the market overall as well as your favorite coins every month to help you decide how you’d like to move forward in the future.
With that being said, the cryptocurrency market is still volatile, and it’s nearly impossible to predict its movements.
Take our information and expand upon it with your own research before you take your next steps!
Market cap, short for market capitalization, refers to the popularity of a cryptocurrency relative to the other coins on the market. The top 10 market cap coins are the coins that are responsible for the most engagement.
There are well over 100 cryptocurrencies available to the public at this point, and figuring out which ones are worth your investment can be confusing and time-consuming, especially if you don’t really know what to look for. The top 10 market capitalization coins are not necessarily the most expensive coins, but they are the coins that receive the most attention from interested buyers.
As always, we’ve taken the top 10 cryptocurrencies by market capitalization from CoinMarketCap.com and have analyzed and tracked their performance over the course of the month of October. The coins are listed by market capitalization, but we’ve also assigned each a performance rank based on the percentage lost or gained within the last 31 days.
It’s probably no surprise to you that Bitcoin is in the #1 spot for market capitalization, as it is the most talked-about coin on the market. We haven’t seen it waver from that spot yet, but that doesn’t mean it will always reign supreme.
Bitcoin celebrated its 10th birthday this month, having been introduced to the world in October 2008 by an anonymous group called Satoshi Nakamoto.
Bitcoin’s October performance was better than it has been in previous months. It only dropped by 4.12%, which translates to $272.01, putting it in the #2 performance rank for October.
It stayed relatively consistent throughout the month, which we think is a good sign. Its highest value of the month came on October 8th, where it hit $6,652.23 at market close. Its lowest value was $6,256.24 only a few days later on October 11th.
| 2 | $6,589,62 | $6,317.61 | ↓4.12% |
Ethereum was created as an improvement for the existing Bitcoin setup and its blockchain. It has a mission to provide faster and more efficient transactions and has a goal to continue to evolve to meet the needs of its users.
In terms of performance, ETH made an improvement from last month where it was the #10 performer. It dropped in value by 14.46%, making it the #6 performing coin in October.
Ethereum’s highest value for the month came on the first day of the month at $230.77. Its lowest value occurred at market close on October 11th, where it was $189.50.
| 6 | $230.77 | $197.38 | ↓14.46% |
Ripple allows interested buyers to purchase XRP using traditional means, like with a connection to their bank account, as well as some non-traditional methods. You can use things like flight miles and cell phone minutes to purchase your XRP!
In October, Ripple was our #9 coin in terms of performance. On October 1st at market close, it was valued at 57¢ per XRP and had dropped by 22.8% by October 31st, where it reached 44¢ at market close.
Ripple’s highest value for the month of October occurred on the 1st, and its lowest value on the 11th, where it finished the day at just 38¢ per XRP.
| 9 | $0.57 | $0.44 | ↓22.80% |
Bitcoin Cash was created after a “fork” occurred in the original Bitcoin setup. The difference is that Bitcoin Cash utilizes the blockchain differently and claims to offer users cheaper, faster transactions than the original.
It ranks #8 in terms of performance in October, falling by 20.35% from the 1st of the month to the 31st. BCH saw its highest value of the month on October 2nd at market close, where it was worth $533.27 per coin. Its lowest value came on October 29th, where it dropped to $417.57 per BCH at the time of market close.
| 8 | $530.91 | $422.86 | ↓20.35% |
The EOS coin uses a technique called “parallel processing” within its setup, which bumps up transaction speeds.
In October, we ranked EOS at #4 in terms of performance, dropping in value by 9.4% from the 1st of the month to the 31st.
Its highest value of the month occurred on two days in a row on October 8th and 9th, where a single EOS coin was $5.91 at the time of market close on both days. Its lowest value occurred on October 11th, where the value of a single EOS was $5.08.
| 4 | $5.74 | $5.20 | ↓9.40% |
The cryptocurrency market is still growing, and each of the current coins has some room for improvement. Stellar was developed as an improvement to Ripple’s protocol, claiming to offer faster transaction speeds to its users.
Stellar ranks #5 in terms of performance this month, dropping in value by 12% from October 1st to October 31st.
The value per XLM is low compared to most of the other coins on the top 10 market cap list, so determining its highest and lowest values for the month can mean splitting hairs.
Stellar’s highest value for the month of October came at market close on October 1st, at $0.258. The lowest value for the month occurred on October 11th at $0.207 per XLM.
| 5 | $0.25 | $0.22 | ↓12% |
Litecoin’s aim was to create a more streamlined setup in order to offer faster and more efficient transactions to its users than the original Bitcoin and Ethereum setups.
In October, Litecoin’s value dropped by 17.88% from the 1st to the 31st, putting it in the #7 performance slot for this month.
The highest price for the month was on October 1st, where it ended the day at $60.21 per LTC. On October 29th, Litecoin’s value dropped to $49.07, which was its lowest value for the month.
| 7 | $60.21 | $49.44 | ↓17.88% |
Cardano’s original mission was to expand upon and perfect Ethereum’s original setup, to provide faster, cheaper, and more efficient transactions.
It was our #10 performing coin in October, dropping in value by 25% from the 1st of the month to the 31st.
This coin rarely tops 10¢ per share, so its 25% drop in value really only translates to about 2¢.
Its largest value in October occurred on the 8th, where it reached $0.0866 at market close. Its lowest value occurred on October 29th, where it dropped to $0.06962.
| 10 | $0.08 | $0.06 | ↓25% |
Tether is much different than the typical cryptocurrencies on the market because it is basically a crypto representation of real-life traditional currencies. For this reason, its value is fairly constant and stable.
Its stability paid off this month, as Tether came in at the top performance spot for October. Its lowest value occurred on October 17th, where it hit $0.971 at market close.
On all other days this month, the value of USDT was 99¢ or 98¢ per coin.
| 1 | $0.99 | $0.98 | ↓1.01% |
Monero is built to utilize something called an obfuscated public ledger, which can offer an additional level of privacy and security to its users.
It ranks #3 for productivity in October, dropping in value by 9.33% from the 1st to the 31st of the month. Its lowest value of $100.38 per XMR occurred on October 11th, and its highest on October 2nd where it hit $116.83 per XMR.
| 3 | $114.52 | $103.83 | ↓9.33% |
There were only a few big stories this month that we decided to feature, but they’re each quite important in their own ways.
Part of being a responsible cryptocurrency owner is keeping yourself updated and informed of all that’s going on in the crypto market. Even setting aside ten minutes a day to look over the day’s top stories would ensure that you’re always in the loop and that you’re always aware of any breaking or dire events that might send the market into a spiral.
We always encourage you to stay as informed and up to date as possible, no matter how much you have invested in the cryptocurrency market!
Bitcoin: A Peer-to-Peer Electronic Cash System white paper was introduced to the world on October 31st, 2008, by mystery developer Satoshi Nakamoto. That white paper can still be accessed and read online if you’re interested, but a lot has changed in the ten years that the cryptocurrency has been active.
Just under a year ago, Bitcoin hit the benchmark value of almost $20,000 per BTC. It’s a fact that’s hard to believe given its progress in the past few months, currently hovering somewhere around $6,300 per BTC.
So, is this the nail in the coffin not only for Bitcoin but also for the cryptocurrency market as a whole?
Experts say no.
Here’s a quote from Kee Jeffreys, founder of the crypto trading platform Loki.
Jehan Chu of the Social Alpha Foundation, a service that aims to teach people about blockchain, believes that if you’ve been thinking about buying some Bitcoin, now is the time.
So, according to experts, Bitcoin’s 10th birthday likely won’t be its last, and big things are expected for the coming year.
Serious cryptocurrency users of the world rejoiced when HTC announced on October 23rd that they’d be launching their Exodus 1 blockchain-focused cell phone. Even those that are not yet involved with cryptocurrency may find the Exodus 1 appealing because of its emphasis on safety, software, and intellectual property.
The phone can also double as a hardware cryptocurrency wallet, as it has a built-in wallet called Zion that was developed especially for the phone.
How will a cell phone double as a secure hardware wallet?
The Exodus 1’s chip is kept separate from the existing Android operating system in order to keep your coins safe.
A possible catch? The phone can only be purchased using cryptocurrency. As of October 23rd, the pre-order cost of the HTC Exodus 1 was 0.15 BTC or 4.78 ETH, which was roughly $960.
Phil Chen of HTC had this to say.
Though the phone is initially going to be a popular option for cryptocurrency users, it sounds like they are targeting anyone and everyone that has a digital footprint.
The HTC Exodus 1 will also run decentralized apps via the blockchain and feature a “Social Key Recovery” function that is essentially a backup of your funds.
The phone is to be shipped in December to those who have pre-ordered it, but before you run out to order one, weigh your options. $960 is no small amount, and there are other ways to secure your cryptocurrency that are free or much lower cost than the Exodus 1.
It is an innovative piece of technology if it truly delivers the security it promises, but we advise you not to rush your decision to purchase.
It’s never a good sign when the values of some major cryptocurrencies plummet with little to no warning.
Not only is it bad news for those that have money tied up in those coins, but it also doesn’t help the cryptocurrency market’s reputation for dangerous volatility.
On October 9th, the price of Bitcoin, Ripple, and Ethereum tanked. Bitcoin fell by 5%, and Ripple and Ethereum by 10%. Within just three hours of this random plummet, almost $13 billion in value of coins had vanished from the cryptocurrency market.
We’ve seen occurrences in the past when Bitcoin’s temperamental value has also dragged down the value of some other coins. This may be because we orient the value of the market’s “altcoins” based on Bitcoin’s value.
Just before the drop occurred, the International Monetary Fund put out a report that said, “Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.” And while we can’t tie this event to the drop with 100% certainty, it’s safe to say it was probably a contributing factor.
2018 has been disappointing for cryptocurrency users that were hoping that this year would bring about an expansion of the market through things like professionalizing crypto trading.
But unfortunately, that dream has not yet been realized. Between the multiple high-profile exchange hacks that have occurred and the governmental mistrust in the cryptocurrency market, it hasn’t exactly been a great year.
We hope that the major coins have hit their bottoms and will start to slowly climb back up over the next few months and that there will be no more worrying events for at least the rest of this year.
The post Monthly Cryptocurrency Update – Analysis and Major News from October 2018 appeared first on GamblingSites.com.
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