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News recap: holders accumulate bitcoins before halving

In anticipation of the halving event, investors are actively moving capital into bitcoin, leading to BTC market dominance rising to 52%. Meanwhile, altcoins are under noticeable selling pressure. Read the News recap to learn about the most important events in the crypto world between 6th-19th October.

Crypto market in numbers

Between 6th-19th October, the cryptocurrency market capitalisation remained around $1.08 trillion, according to CoinMarketCap. Despite a local increase on 10th October to $1.12 trillion, the figure retreated to the level observed on 6th October. Throughout the month, capitalisation has stood in a narrow range between $1.04 – $1.12 trillion.

Trading activity saw a significant increase. Between 6th-16th October, the average daily volumes mostly ranged between $20 – $30 billion. On 17th October, the volume sharply increased by 267% to $62.5 billion but later steadily declined to $40 billion.

The cryptocurrency Fear and Greed Index remained in the ‘Neutral’ zone. The index mostly stayed above 47 points, and from 17th October, it rose and stabilised above 50 points. The last time such a result was observed was in mid-August 2023.

Cryptocurrency volatility increased slightly. Between 6th-19th October, the 30-day BTC volatility index increased by 20.3%, from 1.03% to 1.24%. A similar metric for ETH decreased by 0.8%, from 1.14% to 1.13%.

The main buzz in the cryptocurrency market was caused by Cointelegraph’s report related to the approval of a spot bitcoin ETF application by BlackRock. Bitcoin momentarily tested the $30,000 level, but it was soon revealed that this news was fake. Nevertheless, bitcoin closed the day with a growth of more than 5%.

In contrast, altcoins are under significant selling pressure. Many of them approached or even renewed their yearly lows. Given the volatility, sharp movements are expected in the near future. The longer this ‘spring’ is stretched, the wider the price movement is expected. BTC dominance is around 52%, a level last seen in April 2021, according to TradingView. Currently, investors are actively moving capital into the leading cryptocurrency.

Gainers (03rd October – 17th October)

Coin Opening price 03.10, $ Opening price 17.10, $ Change
DEBT 3.64 5.78 58.7%
ZRX 0.2 0.26 28.2%
ONG 0.25 0.26 4.8%
BTC 29,611.75 30,426.01 2.7%
SOL 25.25 25.6 1.4%

Losers (03rd October – 17th October)

Coin Opening price 03.10, $ Opening price 17.10, $ Change
VLX 0.0086 0.0055 -36.2%
USDT 1.25 1.04 -16.8%
SUI 0.5 0.44 -13.2%
ATOM 8.07 7.02 -13%
ECS 0.0184 0.0161 -12.2%

Easily track gainers and losers within the Simple trade section on Check real-time updates in the last 24 hours, week and month.

Most traded coins (03rd October – 17th October)

Coin Trading volumes, $
USDT 16,915,876
BTC 13,075,666
ETH 5,513,061
XRP 2,043,847
GMT 881,132
LTC 809,351
USDC 776,418
SOL 682,215
BCH 641,439
ATOM 566,360

Top crypto market driving factors

Overall сrypto market

▼ 06.10.2023 – The cryptocurrency market sentiment index shows that the number of active developers has almost halved compared to the previous year: from 36,500 to 19,630.

▼ 09.10.2023 – The volume of venture investments in the crypto industry in the third quarter of 2023 dropped by 63% to $2 billion.

▲ 10.10.2023 – There is 9.99 billion USDT on cryptocurrency exchanges — the highest value in the last 7 months.

▼ 11.10.2023 – Overall trading volumes on centralised exchanges continue to hover around the annual minimum.

▼ 11.10.2023 – Glassnode noted that the liquidity of digital assets continues to decline due to the reduction in on-chain transfers to cyclical lows.

▲ 12.10.2023 – JPMorgan introduced blockchain-based collateral settlement. BlackRock was the first to use JPM’s Collateral Token Network (TCN).

▲ 12.10.2023 – Ark Invest made amendments to the joint application with 21Shares for the registration of a spot bitcoin ETF.

▼ 12.10.2023 – Annual consumer price inflation in the US remained at 3.7% in September, the same as the previous month, which exceeded the forecast of 3.6%.

▲ 13.10.2023 – Mastercard, in collaboration with the Reserve Bank of Australia, tested the purchase of NFTs using government-backed cryptocurrency.

▲ 14.10.2023 – SEC will not appeal the court decision in favour of Grayscale Investments.

▲ 16.10.2023 – Cointelegraph reported the approval of BlackRock’s spot bitcoin ETF by the SEC.

▼ 16.10.2023 – The Block, citing SEC and Nasdaq websites, has not yet confirmed the approval of BlackRock’s application.

▲ 17.10.2023 – Cryptocurrency market capitalisation will increase by $1 trillion in case of approval of the spot bitcoin ETF in the US, according to CryptoQuant analysts.

▼ 17.10.2023 – FTC warned that deposits in cryptocurrencies are not insured by FDIC. Holders cannot expect a refund of lost funds.

Bitcoin (BTC)

▲ 06.10.2023 – According to Santiment, wallets with balances of 1 to 10,000 BTC started accumulating coins actively.

▼ 09.10.2023 – Activity in Bitcoin network wallets is at its lowest since August.

▲ 10.10.2023 – Bitcoin is the safest, most decentralised and scarce cryptocurrency in the world, according to a new study undertaken by Fidelity Digital Assets.

▲ 10.10.2023 – In the last 3 months, only 11.69% of circulating Bitcoins changed hands. This is a record low.

▼ 11.10.2023 – The average weekly transaction volume in the Bitcoin blockchain has decreased from a peak of 600,000 to less than 300,000.

▼ 11.10.2023 – Bitcoin miners sold more than 20,000 coins in a few days. This is the highest amount since April.

▼ 16.10.2023 – Bitcoin whales bought around 117 coins in the last 48 hours, amounting to approximately $3.2 million.

▼ 16.10.2023 – According to Glassnode, bitcoin is currently in an accumulation phase by long-term holders. On average, they accumulate 50,000 coins per month.

▲ 17.10.2023 – Due to the recalculation of bitcoin mining difficulty, it increased by 6.47%. The indicator reached a record level of 61.03 T.

▲ 17.10.2023 – The number of bitcoins that have not moved for 10 years or longer is approaching 3 million coins.

Ethereum (ETH)

▼ 06.10.2023 – JPMorgan noted that ETH became more centralised after the Merge and Shanghai upgrades.

▼ 08.10.2023 – The median gas cost in the Ethereum network dropped to 6.8 Gwei — the lowest mark in 2023.

▼ 09.10.2023 – Developers from the Ethereum Foundation sold 1,700 ETH for $2.76 million USDC.

▲ 09.10.2023 – Over the last 30 days, the supply of ETH increased by almost 30,000 coins, equivalent to approximately $48.28 million.

▼ 10.10.2023 – Ethereum Foundation sold 1,700 ETH, causing a 2.6% drop.

▲ 11.10.2023 – Head of Research at Standard Chartered, Jeffrey Kendrick, predicted ETH’s price to reach $8,000 by the end of 2026.

▲ 11.10.2023 – The top 10 Ethereum addresses that are not exchange wallets hold a record amount of 39.22 million coins.

▼ 11.10.2023 – Significant inflows of ETH to exchanges are recorded: 110,000 ETH have been deposited since the beginning of October.

▲ 13.10.2023 – Since the end of September, there has been a noticeable increase in discussions about ETH on social media.

▲ 16.10.2023 – ProShares will launch the Short ETH Strategy ETF.

▼ 16.10.2023 – Investors’ demand for ETH staking decreased due to a reduction in rates from 5%+ to 3.5%.

▲ 18.10.2023 – Vitalik Buterin denied information about selling his own ETH. All recent transfers were for charity.

▲ 18.10.2023 – The number of addresses with non-zero balances in the Ethereum network surpassed 100 million.

Ripple (XRP)

▲ 10.10.2023 – Whales continue to accumulate XRP. Wallets with 100,000 to 100 million coins contain $7.89 billion, compared to $7.16 billion a year ago.

▲ 17.10.2023 – New information about Ripple’s hiring may hint at its IPO plans. Earlier, reports indicated that Ripple and underwriters met with Wall Street investors regarding a potential IPO.

Solana (SOL)

▲ 16.10.2023 – Solana became an ecosystem partner of the Dubai Free Economic Zone.

▼ 17.10.2023 – Lido Finance’s liquid staking protocol will cease operations on the Solana blockchain.

Cardano (ADA)

▲ 06.10.2023 – TVL in the Cardano network increased by 9.26% in a week and exceeded $161 million.

Dogecoin (DOGE)

▲ 09.10.2023 – DOGE was once again found in Tesla’s car orders code — this time for the Cybertruck.

Toncoin (TON)

▲ 16.10.2023 – TON Foundation started collaborating with the leading analytical company, Elliptic, to enhance the security of the TON network. news

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That’s all for this week! Follow on TwitterTelegram and Instagram to stay tuned to the main events and trends in the crypto market.