Published: 2018-11-01 14:30:52
XRP, Bitcoin Cash, Cardano, Iota, Neo, VeChain falling hard, Tron survives while Maker and 0x recover well.
For the eighth month this year cryptocurrency markets have fallen. October has been no exception with a 9.4% decline in total market capitalization. This has resulted in the loss of over $20 billion from cryptocurrencies during the month. The Friday 12 monthly low to $197 billion was not as deep as September’s dip but very close. At the end of October markets were at just over $200 billion, down 75% from their January high. The downtrend is still very clear but the losses have grown smaller indicating that the bottom could be close.
Bitcoin lost ground in October, starting the month at just over $6,600 and ending it at $6,320. This 4.5% decline is not as bad as it seems since BTC has held above the $6k level for a year now, aside from a couple of quick bounces below it. It has come a long way in the past ten years and some stability is welcome.
October Crypto Winners
We’re calling Tron one of the crypto winners for October because TRX ended the month where it started at $0.222 making it the first altcoin in the chart not to have lost ground.
Maker also made it through the tumultuous month with a 21% climb from $495 to around $600 at the end of October. Bitcoin Gold survived with no losses beginning and ending the month at $26. 0x also made gains during the month ending it 17% higher at $0.767 from $0.654 at the beginning.
Decred was another survivor with no losses remaining at $39 at the end of the month. Aeternity down in 30th spot also ended a little higher with a 7% gain over the month.
October Crypto Losers
Ethereum has lost 15% during October, starting out at $232 and ending at $197. It is ETH’s lowest levels since July 2017 and no recovery looks to be coming just yet. Market capitalization is around the $20 billion mark with the world’s second largest cryptocurrency having lost almost $4 billion last month.
XRP has shown some promise in recent weeks but that could not stop the overall loss of 25% from Ripple’s native token. XRP ended the month at $0.44 after starting October very close to $0.60.
Bitcoin Cash has also been bashed during October with a 21% decline from $534 to $422. And EOS, rounding out the top five, has not escaped the bears either. A 10% slide saw EOS fall from $5.78 to $5.20 during the month.
The usually stable Stellar also ended October in pain falling 15% from $0.26 to $0.22. Litecoin fared even worse with an 18% slump from $61 to just below $50 at the end of the month. Cardano has not made a gain this year and is one of the worse performing high cap altcoins. Last month was no exception as ADA shed another 20% falling from $0.085 to $0.068.
Things were that bad in October that even Tether made a loss, falling below its dollar peg to a low of $0.958. Rounding out the top ten is Monero falling from $116 to $104 resulting in a loss of 10%.
Heading further down the chart the losses were larger, Iota for a start lost 20% in October. Dash also got bashed falling 18%, Binance Coin fell 6%, and Neo in 15th spot also lost 20%.
Losses were greater for Ethereum Classic shedding 21%, Nem only fell 6%, Tezos slid 12% as did Zcash and rounding out the top twenty was VeChain getting trounced almost 22% during October.
By the end of October things were in the doldrums for the majority of cryptocurrencies with losses across the board in varying magnitude. The crypto winter is still in full effect and a recovery seems to be a long way off with many pinning hopes on 2019.
To summarize the only survivors in October were Tron, Maker, 0x and Bitcoin Gold. Getting smashed with over 20% losses were XRP, Bitcoin Cash, Cardano, Iota, Neo, Ethereum Classic and VeChain.
All figures from Coinmarketcap.com
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The views and opinions expressed in the article October Crypto Market Review: Top 20 Cryptocurrencies Crushed do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.