Contrary to the historical trend of October being a rather optimistic month, the troubles in the cryptocurrency market from September appear to have carried over to October. The crypto market had a quiet September, and for the new month, there hasn’t been much of a change. The month is almost halfway over, and it is already beginning to appear like the eagerly anticipated “Uptober” will let down investors.
With a -4.7% performance for the first two weeks of October, the Small Cap Index stood out as the weakest performer. This makes sense considering that small cap cryptocurrencies have a history of extending trends; recoveries are larger and drops are lower.
Poor overall performance
The crypto market’s indexes are all performing poorly, according to market participants. The month’s first two weeks have returned with negative movement, and the declines have persisted. The size of a cryptocurrency has also not been important because they have all seen quite comparable outcomes.
With returns of -2.4%, large cap coins were the second-worst performer during the same time frame. A little more unexpected considering how closely they track the price of bitcoin, although it did not lag too far behind the Mid Cap Index, which fell by -2.1%.
Market for Bitcoin Deviates from the Norm
All of the aforementioned performances serve simply to demonstrate that the cryptocurrency market is not operating as anticipated. Despite the fact that investors are returning to bitcoin, stablecoin market share is still growing, indicating that there is still a flight to safety among investors.
With losses of just -1.5%, Bitcoin was the greatest performer over this time. It also reflects the current trend of investors gravitating more towards bitcoin and utilising the decline in price.
The dominance of bitcoin on the cryptocurrency market decreased by 0.20 percent over the past week, and ETH and other top 10 coins including BNB, ADA, and SOL all saw losses. Stablecoins like USDT, USDC, and…
