Bitcoin dipped to lows of $59,500 on November 1, marking the third day of declines since Oct. 29 highs of $62,974. Despite this, the month of October had turned out to be a remarkable one for the cryptocurrency market across the board.
Bitcoin had rallied nearly 40% in October, hitting a fresh all-time high of $66,999 as investors cheered the positivity regarding the launch of the first futures-based Bitcoin exchange-traded funds (ETF) in the U.S. Nucypher (NU) and Polygon (MATIC) had posted impressive rallies following an Upbit listing.
Dog-themed coins, Shiba Inu (SHIB), Dogelon Mars (ELON) saw large gains in October amid the meme mania. SHIB consistently posted fresh record highs to rank among the top 10 largest digital assets by market valuation, according to CoinMarketCap. Shiba Inu’s 765% gain in October made it the month’s top-performing cryptocurrency among those with a reported market capitalization of at least $10 billion. Elon Musk-named meme coin, Dogelon Mars reported gains of nearly 4,000% in October to enter into the top 100 crypto assets by market capitalization.
Decentraland (MANA), The Sandbox (SAND) both marked all-time highs towards the close of October upon Facebook’s announcement of a company rebrand to Meta and a pivot toward metaverse development. The list goes endless…here comes November tagged ”Moonvember”. Will there be a repeat?
At the time of writing, Several tokens traded in red amid profit-taking from short term traders, however, Loopring (LRC, +75.79%), Polkadot (DOT, +16.19%), The Sandbox (SAND, +43.13%), Ocean Protocol (OCEAN, +31.83%), Bora (BORA, +35.02%), Tiger king (TKING, +47.48%) were significantly up in the last 24 hours.
Ocean Protocol is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetize it through the use of ERC-20 based data tokens. Polkadot rose to fresh all-time highs of $53.05 today. Bitcoin traded at $61,158 as of press time.
Loopring, an Ethereum (Layer 2) zkRollup Protocol remains a top gainer on the day, rallying nearly 100% to reach highs of $1.13 on November 1. LRC has ticked higher since Oct. 30 when a leak in the Loopring GitHub public repository indicated a possible partnership deal with GameStop for an NFT marketplace.
Technically, the recent move is supported due to the price breakout from a consolidation range. Loopring also stands to benefit from Ethereum’s soaring gas prices, being a layer 2 token. Loopring subsequently made it into the top 100 crypto assets by market capitalization, ranking 88th largest at press time.
Historically, November stands as a positive month for Bitcoin overall as BTC/USD has ended up higher than when it started except for just two years: 2018 (-36.5%) and 2019 (-17.2%). In November 2020, Bitcoin saw 43% gains, leaving the door open for a rematch in line with expectations.
Analysts predict a volatile but ultimately extremely beneficial month of November. On the flip end, while key indicators favor a positive follow-through in the coming months, it may not be a smooth ride if the impending scaling back of stimulus, also known as the taper, by the U.S. Federal Reserve and other major central banks rocks equity markets.
Stock to flow creator, Plan B whose predictions fell in line for both August and September monthly closes, with a 3% rounding error for October believes Bitcoin may close November at $98k stating ”Aug $47K… Sep $43K… Oct $61K, new monthly close ATH! Ok ok, 3% rounding error… close enough for me… Next targets: Nov>$98K, Dec>$135K”
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