Crypto Market Shows No Signs Of Positive Movement, Is ‘Uptober’ A Myth?


The crypto market woes from September seem to extend to October, opposing the historical trend of October as a somewhat bullish month. September saw the crypto market shut down with a muted performance, but there was little change in the new month. Roughly two weeks into the month, it’s starting to look like the much-anticipated “Uptober” will disappoint investors.

Bad offers everywhere

All indicators in the cryptocurrency market are seeing poor performance from market participants. The first two weeks of the month returned with a negative movement and the declines continued. The size of the cryptocurrency also did not matter because they all suffered the same fate.

The Small Business Index came in as the worst performer in the first two weeks of October at -4.7%. This is understandable given that small-cap cryptocurrencies are known to take movements a few steps forward; Recovers go up and downs go down.

The big-cap coins followed the second-worst performer in the same time period with returns of -2.4%. All the more surprising given that they closely follow the price of bitcoin, but it is not far behind the average cap index which saw a drop of -2.1%.

Crypto market performance

Market performance remains bad | Source: Arcane Research

Bitcoin emerged as the best performer for this time period with a loss of only -1.5%. It also follows the trend that investors are turning more towards bitcoin during this time and taking advantage of the price drop.

Cryptocurrency market deviates from norm

All of the above shows just show that the crypto market is not working as expected. Although investors are returning to Bitcoin, the market share of the stablecoin is still rising, so there is still a flight to safety among investors.

Total Cryptocurrency Market Cap Chart from TradingView.com

Total market cap below $900 billion | Source: Crypto Total Market Cap on TradingView.com

Over the past week, Bitcoin’s dominance in the cryptocurrency market is down another 0.20%, and ETH is down 0.24%, with losses from others in the top ten like BNB, ADA and SOL. Most of this lost dominance went to stablecoins like USDT, USDC, and BUSD, all of which saw their dominance increase.

Crypto market sentiment remains low in the area of ​​intense fear, indicating that there is no expected recovery in the market during this time. Unless there is a reversal in the move to the stablecoins, the market will continue to see negative rates.

Featured image from NASDAQ, charts from Arcane Research and TradingView.com

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