The crypto market awaits the US interest rate decision

After a bullish last week’s trade, where many cryptocurrencies were able to generate a price increase, the overall market tended to be a little lighter at the start of the week.

The crypto market thus follows the major US stock indices, which are also following a significant price increase on Friday. In light of the weak quarterly figures of the major internet companies Meta, Alphabet, Microsoft and Amazon, this price consolidation in the classic financial market is understandable.

The fact that key cryptocurrencies Bitcoin and Ethereum (ETH) were so bullish last week indicates a declining correlation between the crypto sector and the stock market. The resilience of Bitcoin and Co., which has recently been discussed several times, despite a continuing difficult economic situation in the classic financial market, should still be interpreted bullishly.

Bitcoin’s price increase in the previous week led to an increase in the volatility of the crypto market, as suspected in the last overall market analysis from October 18. As a result, the Bitcoin price rose to a new six-week high and is currently trying to stabilize above the upper edge of the USD 20,400 range.

The financial world looks to the US central bank

The US central bank’s interest rate decision next Wednesday, November 2, will probably have a decisive impact on the price development in the coming trading weeks. If there is no new drastic sell-off in the global stock markets and the financial market can continue its recovery, the crypto sector should also continue to extend its positive trend from the previous weeks.

If the key cryptocurrency dynamically overcomes the resistance area around USD 21,100, a price rally towards USD 21,800 can be expected. Altcoins are also likely to follow this trend. A look at the list of the top 100 cryptocurrencies underlines the positive trend of the last seven trading days.

Following the completion of Elon Musk’s Twitter takeover last Friday, memecoin Dogecoin (DOGE) exploded by 94 percent. At its peak, the price increase was even around 150 percentage points. On the losing side, on the other hand, there are only two cryptocurrencies with a double-digit price discount. This confirms the bullish bias among the top 100 altcoins.

The total market capitalization also increased by 13 percentage points in the last seven trading days, temporarily reaching the psychologically important price level of USD 1 trillion, before the market capitalization of all cryptocurrencies consolidated back to the current USD 966 billion.

Total market value based on values ​​of Cryptocap displayed.

Price development of top 10 altcoins

  • A look at the price development of the top 10 altcoins confirms the positive trend in the crypto market. With the exception of Ripple (XRP), which is rated three percentage points lower in a weekly comparison, the remaining top altcoins show some significant price increases.
  • Topping the list of gainers is Dogecoin (+94 percent), followed by the other memecoin in the top 10, Shiba Inu (SHIB), up 19 percent.
  • Ethereum with 16 percent and Solana (SOL) with 14 percent growth in value is also convincing.
  • Binance Coin (BNB) with a price increase of 13 percent and Polkadot (DOT) with a value increase of 12 percent may also increase by double digits,
  • The positive picture among the 10 largest cryptocurrencies is completed by Cardano (ADA) with a good 10 percent price recovery.

Winners and losers among the top 100 altcoins

  • The performance of the top 100 altcoins supports the bullish price trend in the crypto sector.
  • About 70 of the 100 largest cryptocurrencies can register a price increase for themselves.
  • In addition to Dogecoin, the top-ranked cryptocurrencies include Tokenize Xchange (TKX) own altcoin with a 52 percent increase in value, followed by Klaytn (KLAY) with a price increase of almost 50 percent.
  • With Osmosis (OSMO), another cryptocurrency on a decentralized exchange is showing a remarkable price increase. The OSMO rate is up 29 percentage points week-on-week. It is followed by Mina Protocol (MINA) with a 22 percent increase in value and Chilliz (CHZ) with a 19 percent price increase.
  • The manageable list of underperformers is led by new crypto project Aptos (APT), which corrected almost 20 percentage points in a weekly comparison. Chain (XCN) must also give up feathers, as it did last time, losing 14 percent in value.
  • They are followed by Maker (MKR) and Helium (HNT), each down nearly seven percentage points.
  • The fact that only two top 100 altcoins have a double-digit discount underlines the positive trend of the crypto market in the last week’s trading.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are just an assessment by the analyst.

The map images are made using TradingView created.

USD/EUR exchange rate at time of printing: EUR 1.02.

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