Oct. 31, 2023: Crypto Markets Find Their Groove
After a rocky couple of days filled with losses, the crypto markets seem to have settled into a cozy little groove. Most of the top twenty cryptocurrencies, by market cap, are now wobbling within a modest 2 percent range. Think of it as the cryptocurrencies having a pre-Halloween party, trying not to spill their drinks.
Bitcoin’s Birthday Bash: 15 Years of Crypto
On this fateful day, Bitcoin celebrates the 15th anniversary of the publication of its white paper. Currently, it’s holding steady, just above $6,300, with less than a 1 percent rise to boot. It’s almost like Bitcoin’s trying to make a New Year’s resolution to stop jumping around so much—especially after hitting a record low volatility rate recently. That’s right! Bitcoin’s been strutting its stuff with the kind of stability we haven’t seen since mid-2017. Talk about a character development!
Ethereum’s Sluggish Stroll
Not to be outdone, Ethereum is also inching its way up by 1.4 percent today, trading at about $196. Following closely behind in its buddy Bitcoin’s footsteps, Ethereum has had a rocky path lately, dropping down from a cozy $200-$210 before settling into its current price. The top coin has definitely had better months; it’s down 15 percent over the last 30 days. Add to that the spike in headlines thanks to Ernst and Young’s latest Ethereum innovations, and you have a recipe for some good old-fashioned FOMO.
Top Ten Coin Tussle: Quick Flips and Slips
Meanwhile, the other coins in the top ten are maintaining a bit of a tug-of-war, with Monero (XMR) taking the lead with a 2.42 percent price increase. In contrast, Stellar (XLM) appears to be feeling the sting of Halloween more than the others, tipping down by 0.65 percent. It’s a weird world when a fancy coin named after a star can be down in the dumps while others are thriving.
The Bigger Picture: Market Caps and Trends
All crypto markets combined sit at a total market capitalization of approximately $203.3 billion, down from the $210 billion mark barely two weeks ago. It’s like watching a balloon lose air right after a party—first all up and happy, then slowly drifting back to the ground. However, solid news does come from South Korea, where the chairman of the Financial Services Commission claims exchanges just need to keep their anti-money-laundering (AML) and know-your-customer (KYC) measures robust to keep the banks happy. That’s one less pumpkin to deal with!
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