Crypto Market Shows No Signs Of Positive Movement, Is ‘Uptober’ A Myth?

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The crypto market crisis from September has spread to October and is a rather bullish month, going against the historical trend of October. September saw the crypto market perform muted, but not much has changed for the new month. About two weeks into the month, and it’s starting to look like the much-anticipated “Uptuber” will disappoint investors.

poor performance everywhere

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All the indices of the crypto market are witnessing the poor performance of the market participants. The first two weeks of the month have come back with negative momentum and the decline continues. The size of the cryptocurrency doesn’t matter either as they have all suffered eerily similar fates.

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The smallcap index came out as the worst performer in the first two weeks of October with -4.7%. This is understandable as small cap altcoins have been known to take a few steps forward; The recovery is longer and the decline is shorter.

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Large cap coins were followed as the second worst performers in the same time period with a return of -2.4%. A bit more surprising is that they closely follow the price of bitcoin but it is not far behind the mid cap index which has seen a decline of -2.1%.

crypto market performance

Market performance remains bad | Source: Arcane Research

Bitcoin emerged as the best performer in this time period with only -1.5% losses. It also follows the trend that investors are turning more towards bitcoin during this time and taking advantage of the price drop.

The crypto market deviates from the norm

All the performance highlighted above only goes to show that the crypto market is not performing as expected. Even though investors are turning back to bitcoin, the market share of stablecoins is still rising, so there is still a flight for safety among investors.

Crypto Total Market Cap Chart from TradingView.com

Total market cap below $900 billion | Source: Crypto Total Market Cap on TradingView.com

For the past week, bitcoin’s crypto market dominance fell another 0.20%, and ETH fell 0.24%, hitting record losses from others in the top 10 such as BNB, ADA and SOL. Much of this lost dominance went to stablecoins such as USDT, USDC, and BUSD, all of which saw an increase in their dominance.

Crypto market sentiment is still low in the zone of extreme fear, which suggests that there has been no expected correction in the market during this time. Unless the move is reversed for stablecoins, the market will continue to see negative rates.

Featured image from NASDAQ, charts from Arcane Research and TradingView.com

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Credit : www.newsbtc.com

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