Cryptocurrencies have long been known for their high volatility, providing opportunities for traders to make money – although this obviously comes with a high risk as well. There’s no predicting which coin will move where, as argued here. It’s no wonder, of course, since evidences show that there have been large and unexpected moves in the crypto market – such as a sudden rise of Bitcoin’s price in 5 hours – it’s an extremely volatile space. In another, fairly recent example, again from Bitcoin, $13 billion was wiped out within minutes. While news usually acts as a catalyst to these sudden rises and drops, there are many theories of things that could also trigger them. One of them is how whales are playing with the market price, sometimes dumping coins to buy more of them, other times pumping coins to sell for maximum profit. This is thought by some to be logical, and could even be a tactic to try to hinder a Bitcoin ETF from happening. Regardless, the market is what it is. Let’s take a look at what the cryptocurrency market looked like this last October.

Below are the top 10 cryptocurrencies from last October, and our take on them.

(Please note this article was written on November 6th, 2018, based on info from CoinMarketCap.com).

Bitcoin (BTC)

The king crypto started off October 1st by opening up at around $6,619.85 and closing at around $6,589.62. There hasn’t been much movement throughout the month, and it closed the month at around $6,317.61 on October 31st. From a quick analysis here, it seems like Bitcoin is still on a short-term downtrend, with every time it breaks upward to test the resistances, it falls back down. It’s still the most traded coin, with around $4.3 billion circulating and being traded in the past 24 hours as of the writing of this article.

Ripple (XRP)

Ripple is, again, overtaking Ethereum to hold the number 2 spot with a market cap of around $21.9 billion. Throughout October, Ripple also experienced a decrease in price. It started at around $0.583511 and closed the month at around $0.448382. It’s thought that XRP’s price could still shoot up based on their work towards global adoption. No less than around $1.1 billion was traded in XRP during the past 24 hours as of the writing of this article.

Ethereum (ETH)

Ethereum briefly sat in the third spot in terms of global market cap, and was trailing behind Ripple by around $100 million. ETH experienced a decline of more than 10%, starting October stronger at $233.22 and ending it at $197.38. This may be related to the rumor that Ethereum’s founder, Vitalik Buterin, might be leaving the project altogether. However, now that he has denied it, ETH may rise up further as it continues to be one of the most sought-after cryptocurrencies. Its 24 hour trading volume was at around $1.6 billion as of the writing of this article.

Bitcoin Cash (BCH/BCC)

The – arguable – rival of BTC (as Roger Ver continues to promote his coin as the “real Bitcoin”) saw around $779 million being traded in the last 24 hours as of the writing of this article. This could be mainly to the news that BCC will be having a hard fork and that it’ll be supported by several notable crypto exchanges such as Binance. In October, though, this coin still experienced the declining trend. It opened October trading at a price of around $531.64 per BCC, and closed October at a figure of around $422.86. Since the hard fork won’t be finalized until November 15th, BCC may still have some steam left to shoot upwards.

EOS (EOS)

The China blockchain market leader has no less than around $750 million traded in the last 24 hours as of the writing of this article. On October 1st, 2018, EOS began trading at around $5.74. When the month closed, EOS’ price was around $5.20. Although its overall monthly outcome for October was slightly bearish, some believe that EOS could be on a current short term bullish trend, although of course – like any other coin – the price can be influenced by news that could affect the whole crypto market in general.

Stellar Lumens (XLM)

The name “Stellar” runs true to many of this coin’s fans. In the last 24 hours as of the writing of this article, $73 million poured in and out as people bought and sold XLM. This resulted in a 4.56% price increase. As for October, Stellar opened the month at a price of around $0.259081 and closed the month at around $0.223471. With encouraging news that has predicted that Stellar could dominate cross-border payments, we think it has the potential to be bullish.

Litecoin (LTC)

The “son” (if not “daughter”) of Bitcoin, Litecoin was originally created as a fork with one of the main goals being to provide faster transaction times. Like BTC, LTC has had its own group of followers that believes in its further growth and adoption. As of the writing of this article, the 24 hour trading volume had hit $366 million. However, LTC still experienced a bearish October, with a decrease of around 20%, closing the month at around $49.44 after opening it at around $61.10. If LTC continues to be developed and supported by the community, however, it may rise again.

Cardano (ADA)

Sitting on the 8th spot we have Cardano, which is loved by Koreans and Japanese. Around $46 million was traded in ADA within the last 24 hours as of the writing of this article. ADA was traded on October 1st at a price of around $0.085292, and it closed on October 3rd at a price of around $0.069705. It remains to be seen how ADA will continue to perform, as their community was divided by a bit of a crackdown.

Monero (XMR)

Around $17 million had circulated in XMR’s market over the last 24 hours as of the writing of this article. Monero opened October at the rate of around $115.67 per XMR and closed it at the rate of around $102.55 per. XMR might still have some steam left to continue its recent bullish movement, as it became one of the top gainers on November 6th.

Tether (USDT)

In the 10th spot, the much-debated-about stable coin, Tether, is sitting nicely. Over 1.7B had been traded over the last 24 hours as of the writing of this article. Since Tether is a so-called stable coin (though that has been called into question), generally it’s always around $1, although there have been cases when it drops. The Tether team, however, has released a letter claiming that they have enough real USD to back their token’s value, likely hoping to gain good public sentiment.

To close our short analysis, let’s quote a bit of Nick Cannon: “Nobody can predict the future”. Prices of cryptocurrency, if anything, most likely will continue to be volatile and could see extreme highs and lows we haven’t witnessed before. One thing that’s certain though, is the fact that technology always changes. And since the underlying principle of cryptocurrencies in general is blockchain (a product of tech), we can all be hopeful that the market will also continue to prosper. We encourage you to check out our own blockchain-based technology innovation, the advanced and secure, multi-asset digital wallet app: Blockchains.my (BCMY).