The crypto market is subjected to fluctuation mainly for the volatile cryptocurrencies. This year has seen the rise and fall of digital assets which have been the headlines of the media and discussed over aliensworldcrypto.com in daily, weekly and monthly price analysis articles.
The last month (October 2023) has been the evidence of a significant rise in many cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA). Apart from such significant cryptocurrencies, meme coins, stablecoins and NFTs also made significant growth in October 2023. So, now October is being called ‘Uptober’ in the crypto market.
‘Uptober’ is the combination of two words, Up and October. As October pushed the crypto market, market giants are calling as ‘Uptober’ as it gave a push to the leading currency Bitcoin (BTC) which exploded to $35 in October after a long time. This article will focus on the monthly analysis of three prominent cryptocurrencies which showed significant growth in October 2023 i.e., BTC, ETH, and XRP.
Monthly Price Analysis of Bitcoin (BTC)
Bitcoin (BTC) started the last month at $26,967.04 on 1st October and its price has been lingering below $25k beforehand. BTC kept on fluctuating around the support level till the middle of October and then pushed upward from $27,827.28 on the 16th of October and since then it has been moving in an upward direction.
Currently, Bitcoin (BTC) is trading at $34,341.70 with a 24-hour trading volume of $15,576,798,650. The market cap of BTC is $671,141,219,551 with 0.13% growth. On the 26th of October, BTC achieved that price value of $34,864.63 by breaking the resistance level of $32k after a long time. The current market supply of Bitcoin is 19,529,925 BTC which gained its legacy in October.
Monthly Price Analysis of Ethereum (ETH)
Following the same suit of leading cryptocurrency Bitcoin, the market’s 2nd ranked cryptocurrency Ethereum (ETH) has shown the same bullish trend in October 2023. ETH was fluctuating around the support level at the start of the month at $1,671.16. ETH went down to $1,529.9 on the 16th of October and then pushed back to the green line.
Current ETH’s price value is $1,801.65 which touched the higher price value of $1, 8850.43 on the same date BTC achieved the highest price value on October 26th. Although Ethereum (ETH) is now thriving at $1,801.65, it made significant growth in the last month and still aimed to go higher. The current trading volume of ETH is $6,906,784,566 with a market cap of $216,557,747,427.
Monthly Price Analysis of Ripple (XRP)
Ripple (XRP) is another one of the leading cryptocurrencies that made significant growth alongside of rise and fall in the last month. In October 2023, XRP started fluctuating from $0.5154 and after making growth it went down to $0.4776, the lowest price of XRP in the last month.
After that, XRP kept in the bearish zone for a couple of days due the market controversies and then broke out of the red zone on 23rd October 2023. XRP ended the last month at $0.6009 after aching the highest price value of $0.6057 on 31st October 2023. Currently, XRP is trading at $0.5897 with a 38.13% growth in the last 24-hour trading volume of $2,220,791,208.
If we look at the changing patterns of the market, different cryptocurrencies have shown significant growth. It seems like the red period of the crypto market ends here. Bitcoin (BTC) saw a monthly rise in price value by 26.89%, ETH by 7.40%, and XRP by 13.19%. Keeping the following rise, it seems like the Crypto market and digital assets are entering into the green zone and can be more bullish in the coming time. It is the best time to invest in cryptocurrencies to yield maximum profits in the coming time.
This price analysis is based on the previous performances of the cryptocurrencies and crypto analytical tools. Crypto analysts have regarded the last month in the cryptoindustry and called it Uptober. It seems like the dark phase of the crypto market of the last year is over now and now on it is going to gain the maximum weightage in the coming time. It is highly advisable to do complete research before investing in cryptocurrencies to be on the safe side.
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