Cryptocurrencies such as Bitcoin, Ethereum, and unknown third parties are poised to deliver top-notch performance.
October has traditionally been a favourable month for cryptocurrencies, and 2021 was no exception. Bitcoin, the leading digital asset, tested its 50-day line and current uptrend and held both levels, which is a positive sign. Despite an initial sell-off of around 10% in early October, Bitcoin recovered strongly and reached an all-time high of nearly $69,000 in November 2021.
Ethereum, the leading smart contract platform, also performed well, trading at roughly 30 times less than Bitcoin in 2021. Historically, both Bitcoin and Ethereum have shown good performance in October, with gains of 40%, 5.5%, and 28.5%, and 43%, 18.3%, and 8.6% in October 2021, 2022, and 2023 respectively.
Other cryptocurrencies such as Binance Coin, Polkadot, and Chainlink also showed good performance in October 2021, with gains of 35.6%, 49.6%, and 25% respectively. However, the market in 2022 was more bearish, with cryptos including BTC, ETH, and others generally seeing price declines or sideways movement. Chainlink maintained some prominence but did not reach new highs, while Binance Coin and Polkadot faced downward pressure amid the bear market. Dogecoin remained a popular meme coin but did not replicate its 2021 rally.
As we move into October 2023, the crypto market conditions are recovering but remain volatile. US interest rates are expected to decrease, which may lead to the US dollar weakening in the long run, benefiting cryptocurrencies. The weekly MACD could also break bullish for Bitcoin. October could still be volatile due to the US elections in early November.
Investors should be patient and consider potential downside risks. Having the right coins in your portfolio alongside Bitcoin and Ethereum could be beneficial for the breakout. The BÖRSE ONLINE Best of Krypto Index allows for investment in the ten largest cryptocurrencies all at once.
Table: Cryptocurrency Performance in October
| Cryptocurrency | Oct 2021 Highlights | Oct 2022 Highlights | Oct 2023 Highlights | |----------------|----------------------------------------|---------------------------------|------------------------------| | Bitcoin (BTC) | Near ATH (~$60K+), November ATH ~$69K | Market correction, price down | Recovery phase, volatile | | Ethereum (ETH) | Strong bull run, leading DeFi platform | Bear market, sideways/down | Continued ecosystem growth | | Dogecoin (DOGE)| High hype, among top 10 by market cap | Stable but subdued | Ongoing community support | | Binance Coin | High 2021 gains with Binance ecosystem | Bear market impact | Sustained utility, less hype | | Polkadot (DOT) | Popular for interoperability | Bear market impact | Continued tech development | | Chainlink (LINK)| ATH in mid-2021 but still relevant | Bear market, no new highs | Steady ecosystem use |
This summary synthesizes the available data showing that October 2021 was the peak bull market phase for all these cryptocurrencies, with Bitcoin and Ethereum leading in price, Dogecoin riding the hype wave, and the others having significant but lesser price rises. 2022 was predominantly bearish, while 2023 saw some recovery but no major new highs yet for these assets.
Finance enthusiasts might consider investing in cryptocurrencies, given October's historic performance. For instance, in 2021, Bitcoin and Ethereum showed impressive gains, with Bitcoin reaching an all-time high. The BÖRSE ONLINE Best of Krypto Index allows investors to invest in the top ten cryptocurrencies all at once, potentially benefiting from a breakout.
