Bitcoin was among the five best cryptosystems of the month of October. Will November be the same?
Bitcoin’s price in October marked the beginning of an upward trend that allowed it to be one of the most winning cryptosystems of the period.
With a profit of 33.5% only in the month of October, the cryptomoney leader of the Bitcoin System market, highlighted along with four other altcoins, as the 5 best currencies of the month just finished, according to the analysis firm LunarCrush, as G.Crypto reviewed in its official account.
With a market capitalization in the tenth month of the year of just over USD 255 billion and an average price above USD 13,000, Bitcoin stood out in the crypto ecosystem for its bullish condition that many analysts predict as the beginning of a parabolic upward trajectory, prior to the next big bull run, a term associated to the price take-off at historical highs for BTC, just as it happened in 2017.
Without a doubt, one of the great catalysts for the price increase in Bitcoin was the news from Paypal about its acceptance of buying and selling through its crypto-currency platform, a market with more than 500 million users worldwide that could see integrated by 2021, the ease of trading with crypto-currencies in general.
Bitcoin’s price went from registering a value of USD 10,795 on the first day of October to a monthly closing of close to USD 14,000, also leading the performance among the ten main cryptomonkets in the market by market capitalization, above Litecoin, Bitcoin Cash, Chailink and Ethereum, which registered a positive growth in the same period.
In addition, during the month of October, the kryptonie experienced an advance in the ‚Galaxy Score‘, an internal indicator of the LunarCrush platform to indicate the social traction in networks of the kryptonies, of nine percent during the indicated period.
Despite Bitcoin’s futures expiration last Friday before Halloween, its price was not affected by the settlement of orders set at 13k levels, contrary to what happened on other occasions.
In that context, the monthly derivatives exchange volume fell 10% in October from the volume registered in September 2020, from USD 741 billion to USD 667 billion, as reported by Cryptorank.
October 2020 was also a month where the spot volume exchange -adjusted- in the main exchanges, was a third less than its September pair, going from USD 379,000 million to USD 257,000 million.
In that same order, according to Bitquery, the monthly exchange in October in the DEX also contracted by -38.8%.
Both of the above data show that Bitcoin’s holdings are increasing among retail investors and also among institutional investors such as Grayscale.
And as if that weren’t enough, Bitcoin led the trends in social networks such as Twitter last month, as reported by Lunar Crush in its official account, with an average of just over 3.9 million network mentions, +27.72%.
BTC’s current situation
As announced by Cointelegraph today, the price of Bitcoin is now 100 consecutive days above five digits, after breaking the USD 10,000 mark at the end of July, a record not seen since 2017, before BTC’s all-time high.
To date, the price has grown by +38% since then, after crossing the psychological barrier of 10k on July 27, 2020.
Amidst positive news around the crypto ecosystem that makes Bitcoin seem immune to the development of the U.S. presidential elections, the size of volume aggregates and the open interest in products related to the leading crypto currency, continue to experience a significant rise, coinciding with the largest influence of BTC registered so far by major institutional investors such as Grayscale Trust.
For now, Bitcoin remains stable at the time of the US elections, trading at an average price of USD 14,138 (+2.21%) according to the Cointelegraph price index, after briefly falling below 14k.