By Samuel Indyk
Investing.com – Most main cryptocurrencies have been buying and selling greater on Monday with buying and selling in shut proximity to $62,000. Outperformance was noticed in a number of the extra distinguished meme-based cash with retracing a number of the losses from the weekend to rise by over 15% within the final 24 hours.
Month-to-month cryptocurrency efficiency
October was an ideal month for cryptocurrencies with Bitcoin as soon as once more hitting an all-time excessive after beforehand buying and selling at its peak in April. For the month, Bitcoin was up nearly 40% and recorded its finest month-to-month acquire since December final yr.
The second-largest cryptocurrency by market cap, , had the same efficiency, rising by round 43% in October.
Different cryptocurrencies with Decentralised Finance (DeFi) functions and sensible contracts have been blended. , which was the third-largest cryptocurrency at one stage, shed over 7% of its worth in October after falling 24% in September. Nonetheless, the losses got here amid a run in August that noticed the coin’s worth greater than double.
, which additionally makes use of DeFi apps on its community had barely stronger beneficial properties than Bitcoin and Ethereum with the worth growing by 43% throughout the month.
gained marginally much less, rising by 37% throughout the month, nevertheless, this was nonetheless its finest performing month since April this yr when the dog-based cryptocurrency rose over 500% amid a surge in curiosity from retail merchants.
Nonetheless, there was one coin that dominated all of them in October, Shiba Inu. The cryptocurrency rose nearly 830% throughout the month because the coin rocketed into the highest 10 largest cryptocurrencies by market cap, overtaking Dogecoin.
Outlook for cryptocurrencies
Within the quick time period, focus might effectively fall on the important thing macro occasions within the US this week, together with the on Wednesday and Friday’s report. A very hawkish Fed might put a cap on the rally particularly if equities have been to dump within the wake of the choice. A call that’s perceived as dovish by the market might see Bitcoin retest its report excessive from 20th October.
On a technical stage, the zone round $62,300-$62,500 stays key resistance for Bitcoin, which a break above might open the door to $65,000 and ultimately the latest all-time excessive just under $67,000.
On the draw back, help lies on the $61,300 pivot level earlier than the psychological $60,000 stage.
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