October began with a drop in the price of dogecoins such as bitcoin, altcoins and memecoin, supported by the Fed’s quantitative tightening and interest rate hikes. Bitcoin fell below the 20k psychological level, adding to the tension among investors in the market.
However, the month ended with a huge jump in the prices of some altcoins across the market. While the price of Bitcoin fell below 20k and a recovery followed, Memecoins achieved the milestone, with a 25% increase in DOGE. DOGE was followed closely by SHIB and others.
How Dogecoin and Other Memecoin Are Proceeding
DOGE’s price has moved upwards after Elon Musk completes Twitter acquisition. On October 25, DOGE traded at $0.06 before jumping to $0.1 over the weekend. Memecoin hit a five-month high of $0.15 on Monday before falling back to $0.11.
November looks like a bull run for DOGE as it moved above $0.15 after a 15% rise but is now at $0.13. Dogecoin was one of several Memecoins that experienced bulls while others followed closely. The Shiba Inu has gained over 8 percent in the last 24 hours. The Shiba Inu is currently trading with a 24-hour high of $0.00001345 at $0.000001283. Shiba Floki Inu (Floki) and Baby Dogecoin posted more notable gains.
Binance Coin also grew significantly, increasing the daily value by over 5%, and is now trading at $325. Uniswap displayed a similar price increase with BNB and crossed the $7 mark. Similarly, Ether, XRP, Cardano, Tron and Avalanche are also rising, while Solana, Matic and Polkadot are down marginally.
bitcoin price outlook
Although not as impressive as DOGE and other memecoins, bitcoin, the leading cryptocurrency, did not perform poorly last week. Bitcoin has been hovering around the $19,000 level over the past weeks and bounced above $20,000 on Tuesday, October 25.
On two occasions, bitcoin soared to $21,000, the highest since Saturday’s price on September 13. However, BTC celebrated this return not long before bearish sentiment turned into position and pushed the asset back. BTC dropped to $20,500 on Monday and dropped to $20,000, but it managed to hold the $20k level. It is currently trading above $20,400.
Meanwhile, BTC’s market cap fell to $395 billion, with its dominance falling 1.5% over the past seven days, evaporating to 38.6%.
Since there is a lot of price volatility in the crypto market, especially with the current macroeconomic conditions, traders should act with caution. In addition, there are four major events coming up in the next ten days, which could bring uncertain results in the market.
Considering the impact of past events – the release of CPI numbers and FOMC meetings on Bitcoin, it is not wrong to expect more price volatility soon.
Federal Reserve meeting, Bureau of Labor Statistics non-farm payroll data, midterm elections and October CPI index are due in the next ten days.
Featured Image From CNBC, Charts From Tradingview