Bitcoin’s price has hit a plateau, remaining stagnant around the $27,500 mark. This lack of movement is also reflected in most altcoins, except for Ripple’s native token, which experienced a surge following a recent court victory against the US Securities and Exchange Commission (SEC).
At the end of September, Bitcoin experienced a significant pump, reaching $27,000. With positive expectations for October, many anticipated further gains. The start of the month did not disappoint, as BTC skyrocketed by over $1,500 on October 1 and 2, reaching a six-week peak of around $28,600. However, the bullish momentum was short-lived, and the asset rapidly lost value.
Since then, Bitcoin has struggled to regain momentum and has been fluctuating between $27,500 and $28,600 with little movement in either direction. The market capitalization of Bitcoin remains at around $535 billion, and its dominance over other altcoins stands at 49.4%.
While Bitcoin remains relatively stagnant, the majority of altcoins have experienced minor losses. Ethereum and Binance Coin, for example, have decreased by just over 1% to $1,644 and $212, respectively. Other cryptocurrencies, such as Dogecoin, Toncoin, Polkadot, Solana, Cardano, Litecoin, and Bitcoin Cash, have also experienced losses ranging from 1% to 5%.
On the other hand, Ripple’s native token saw a 4% increase in value following a recent court victory against the SEC. Similarly, Avalanche (AVAX) also experienced a significant pump of 4% and is nearing the $10 mark.
Overall, the total cryptocurrency market capitalization has seen a decline, dropping to $1.080 trillion on CoinMarketCap. These fluctuations highlight the volatility and unpredictability of the cryptocurrency market, making it essential for investors to conduct their own research before making any investment decisions.
Disclaimer: The information in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are subject to market risks, and investors should exercise caution and conduct thorough research before making any investment decisions.