Crypto Markets Struggle as “Uptober” Optimism Fades

Hopes for a quick recovery in the crypto markets after “Black Friday” are dashed: Bitcoin, Ethereum, Solana and other altcoins are slipping back into negative territory after moderate gains at the start of the week.

Bitcoin, Ethereum, and major altcoins slide after “Black Friday,” signaling continued volatility and fading investor confidence in crypto markets

Red numbers as far as the eye can see in the crypto markets: A look at the charts of Bitcoin, Ethereum, Solana, and other popular cryptocurrencies on Tuesday morning is sobering, as the consequences of “Black Friday” remain unmistakable. With prices around $112,000, Bitcoin has recorded a daily loss of 3 percent, and the weekly loss is nearly 10 percent. The leading cryptocurrency, BTC, is setting the tone, driving not only Ethereum and Solana into the red:

– XRP (Ripple) is now living with a 17 percent weekly loss and has plummeted below the $2.50 mark. The Chicago Futures Exchange opened trading in XRP options yesterday – could this herald a turnaround?

– Cardano (ADA) has landed at prices below $0.70, down 20 percent for the week. Once again, Cardano’s lack of compelling monetary use cases is taking its toll.

– Binance Coin (BNB) is performing well here. While recent all-time highs weren’t confirmed, a moderate weekly loss of 3 percent keeps Binance Coin above $1,200, demonstrating confidence in the ecosystem.

Solana’s competitors aren’t keeping up and are slipping ever further below the $200 mark, now down 16 percent for the week. Like XRP, SOL made the jump to the Chicago Stock Exchange yesterday through options – but is there demand for Solana there?

– Dogecoin, the number one meme coin, falls below $0.20 after a weekly loss of 24 percent. DOGE is a prime example of how meme coins are particularly under pressure in times of crisis.

– Ethereum is struggling to maintain support at the $4,000 mark, down 15 percent for the week. Ethereum ETFs experienced a noticeably weak Monday, with capital outflows of around $430 million.

Compared to that, the $326 million capital withdrawal from Bitcoin ETFs yesterday is manageable, with roughly five times as much capital behind them as behind Ethereum ETFs. But BTC is shaky.

– Zcash (ZEC) is the weekly winner, with a gain of over 50 percent and a price of just over $220. The upswing of the privacy coin Zcash began at the end of September and has so far been undeterred by the losses in the overall market.

– For completeness: IOTA is down 23 percent this week, and the price curve shows a yearly low below $0.15. The IOTA rebased protocol change in May hasn’t changed the decline.

Conclusion: Is “Uptober” already over for the crypto markets?

The last few days have made it difficult to reliably assess whether the crypto markets are currently correcting or are facing a longer dry spell. In mid-October, the theory of an ” Uptober ” has certainly not been confirmed; Bitcoin has lost 3 percent so far this month, but has also reached two new all-time highs in the meantime.

Analysts point to signs of a resolution to the trade conflict between China and the US, which could lift sentiment in the crypto markets. The Bitcoin price curve will show whether Ethereum, Solana, XRP, and others also have a chance of breaking out of their downward spiral.

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(Featured image by Tima Miroshnichenko via Pexels)

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