Crypto Market Update: Bitcoin Maintains Stability as Altcoins Remain Calm
On Sunday, October 29th, the price of Bitcoin started at $34,081, but the calmness in altcoins continues. The decline in market volume continues and has dropped below $25 billion. Although BTC is holding the $34,000 region, the potential for sentiment to turn negative due to ongoing weakening demand from investors is concerning.
Current Situation of Cryptocurrencies
Happy 100th anniversary of the Republic Day of the Republic of Turkey. There is no price movement that will upset crypto investors who wake up to Turkey’s centenary.
The daily closing was at the level of $34,081, and BTC continues to hold this region. We mentioned the decrease in volume at the beginning, which is frustrating because even though BTC remains stable, the sentiment for altcoin profit-taking is prone to sharp declines at any moment.
BTCD is above 53%, and this can increase as altcoins start to weaken. The cumulative volume of the last 24 hours is $24 billion, and the cumulative value of cryptocurrencies has fallen back to the $1.25 trillion support area.
The upcoming week will be highly eventful on the macro front, so an increase in volatility is expected to continue at the end of October and the beginning of November.
Altcoins of the Week
At the time of writing, BTC is continuing the week with a 13.56% increase. Ethereum (ETH) is struggling to maintain its modest gains of 8% as the $1,750 region begins to weaken. If we talk about the largest cryptocurrencies, we cannot forget BNB Coin, which ranks fourth. Regulatory pressure and ongoing lawsuits have negatively affected investors’ risk appetite, causing BNB Coin to only increase by 5% this week.
Of course, there are also stars of the week. Undoubtedly, the winner of the week among the top 100 cryptocurrencies is PEPE Coin. After the team emptied the treasury, the price is recovering. The announcement of token burn and the commitment to take the token further with the new team has increased the price by 60%.
Thanks to its new token, FLOKI Coin has also increased by over 50%. While INJ Coin aims for $18, it got stuck at the $14 level, and MINA Coin narrowly missed surpassing $1 at the beginning of the week, but both continue the week with around 50% increase.