News recap: bitcoin reached a new yearly high

Crypto market in numbers

Between 20th October and 2nd November, the cryptocurrency market capitalisation increased by 19.2% to $1.3 trillion, according to CoinMarketCap. Such explosive growth was driven by fundamental factors. The last time the index was at this level was in June 2022.

Trading activity significantly increased. Between 20th-24th October, average daily volumes jumped by a whopping 152% to $101 billion. Such a surge was last seen in March 2023. In the following days, the figure dropped back to the $40 – $60 billion range.

The cryptocurrency Fear and Greed Index is in the “Greed” zone. Between 20th October and 2nd November, the index increased by 35.8% to 72 points. Such market participant sentiment was last observed in November 2021.

Cryptocurrency volatility noticeably increased. Between 20th October and 2nd November, the 30-day BTC volatility index rose by 70.1%, from 1.24% to 2.11%. A similar metric for ETH increased by 43.8%, from 1.14% to 1.64%.

The best month for crypto assets ended with Bitcoin’s rise of 28.5% and the overall market by 17.5%. Our forecasts from previous recaps were proved true: trading volumes and volatility significantly increased at the end of October. Historically, November is an ambiguous month, with the market growing in 60% of cases. Considering investor sentiments and the local overbought market conditions, there is a possibility of a “flat” month.

The explosive growth at the end of October was a result of news that the iShares Bitcoin Trust (BlackRock’s spot Bitcoin ETF) was registered in DTCC. Additionally, a court ordered the SEC to review Grayscale’s application, creating an important fundamental push for digital asset prices. The rise was accompanied by increased volumes and local short squeezes, which literally broke through important resistance levels. The question of approval of the spot Bitcoin ETF is no longer being discussed; market participants are only interested in when it will be approved.

Gainers (18th October – 31st October)

Losers (18th October – 31st October)

Easily track gainers and losers within the Simple trade section on EXMO.com. Check real-time updates in the last 24 hours, week and month.

Most traded coins (18th October – 31st October)

Top crypto market driving factors

Overall сrypto market

▼ 19.10.2023 – Bloomberg analyst Eric Balchunas stated that the court will not require the SEC to convert GBTC; it’s beyond the court’s jurisdiction.

▲ 19.10.2023 – Grayscale and BlackRock filed a new application for a spot BTC-ETF.

▲ 20.10.2023 – Morgan Stanley analysts announced that the bearish cycle in the crypto market is expected to end soon.

▲ 20.10.2023 – Net outflow of BTC and ETH from exchanges exceeded $200 million this week.

▼ 20.10.2023 – In 2023, the number of cryptocurrencies delisted from centralised exchanges reached a historic high of 3,400 units.

▼ 25.10.2023 – FTX and Alameda started selling cryptocurrency worth $8.6 million.

▲ 25.10.2023 – Whale Alert detected numerous USDT inflows to exchanges.

▲ 25.10.2023 – Positions worth about $400 million were liquidated due to the BTC price rising above $35,000.

▲ 26.10.2023 – Trading volumes on centralised crypto exchanges exceeded $20 billion in a day for the first time since April 2023.

▼ 27.10.2023 – Addresses owned by FTX/Alameda Research continue to deposit crypto onto centralised exchanges, adding assets worth another $7.8 million.

▲ 27.10.2023 – The total market capitalisation of stablecoins reached a historic high of $188 billion.

▲ 30.10.2023 – Cryptocurrency delistings from exchanges are happening at record rates this year. Over 3,400 tokens have been removed from exchanges since the beginning of 2023.

▼ 31.10.2023 – Significant bearish sentiments are observed in the market, according to Santiment.

▼ 01.11.2023 – FTX/Alameda transferred ~$20.2 million in assets to exchanges again.

Bitcoin (BTC)

▲ 19.10.2023 – According to Tesla’s report, the company maintained its position in bitcoins during Q3 – coins worth $184 million are still held in wallets.

▲ 19.10.2023 – The number of bitcoin wallets holding at least 100 BTC increased to 15,970.

▲ 19.10.2023 – Lightning Labs introduced the alpha version of the Taproot Assets v0.3 protocol for the Bitcoin mainnet.

▲ 24.10.2023 – BlackRock’s iShares spot bitcoin ETF received the CUSIP number 46438F101. Proposed symbol NASDAQ: IBTC.

▲ 25.10.2023 – DTCC relisted BlackRock’s iShares (IBTC) ticker.

▲ 25.10.2023 – The court ordered the SEC to review Grayscale’s application for a spot bitcoin ETF.

▲ 25.10.2023 – Bitcoin’s rise above $34,000 left 82% of investors with profit.

▲ 26.10.2023 – Bitwise submitted an updated application for a spot bitcoin ETF.

▲ 27.10.2023 – Matrixport analysts believe the fifth bull cycle for cryptocurrencies has begun and predict bitcoin’s price to reach $125,000 by the end of 2024.

▲ 27.10.2023 – According to Santiment, Bitcoin network has been interacting with over a million addresses for several consecutive days.

▲ 30.10.2023 – Bitcoin mining difficulty increased by 2.35% to 62.4 trillion hashes after a recalculation. The network’s average hashrate approached 450 EH/s for the first time.

▲ 30.10.2023 – Spot exchange volumes exceeded $24 billion, reaching an 8-month high amid expectations of imminent approval for bitcoin ETFs.

▲ 31.10.2023 – Bitcoin whales added 18,924 BTC worth $650 million to their wallets in the last 7 days.

▲ 01.11.2023 – Bitcoin closed October with a +28.52% growth, making it the second-best month for bitcoin this year.

▼ 01.11.2023 – According to QryptoQuant, BTC has entered the “overheated” zone based on the open interest volume in derivatives.

Ethereum (ETH)

▲ 24.10.2023 – The number of Ethereum transactions worth $100,000 or more reached 6,049, a record since April 2023.

▲ 24.10.2023 – Ethereum supply on crypto exchanges dropped to its lowest level since July 2015.

▲ 25.10.2023 – ETH outflows from exchanges continue, and the number of “whale” transactions in the token reached its April peak, according to Santiment.

▼ 27.10.2023 – Ethereum’s new validator queue remained empty once again. This marks the 6th such occurrence since mid-October.

▼ 27.10.2023 – Ethereum developers postponed the Dencun hard fork, planned for the end of this year, due to issues in 10 testnets.

▼ 30.10.2023 – The circulating supply of ETH increased by almost 33,000 in the last month, primarily due to low user activity on the blockchain.

▼ 01.11.2023 – Vitalik Buterin deposited 100 ETH ($181,000) on the exchange.

Ripple (XRP)

▲ 20.10.2023 – The SEC dropped its lawsuit against Ripple and its executives.

▲ 25.10.2023 – Rumours suggest that Ripple will go public by the end of this year.

▲ 25.10.2023 – Ripple may start offering payment services in the US through a partnership with Uphold.

Solana (SOL)

▲ 19.10.2023 – Solana has been running smoothly for 235 consecutive days. The record period is 283 days, recorded in 2021-2022.

▲ 19.10.2023 – Solana launched its own decentralised messenger.

▼ 26.10.2023 – FTX and Alameda continue to move crypto to exchanges. They withdrew 470,000 SOL worth about $15 million overnight.

▲ 26.10.2023 – Solana introduced an RPC multiplexer, allowing automatic selection of the optimal provider when working with the explorer.

▲ 30.10.2023 – Solana’s network has been running without interruptions, stability issues, or failures for 8 months, thanks to regular blockchain improvements and developer efforts.

▼ 30.10.2023 – About 309,200 SOL ($9.9 million) was withdrawn from FTX’s address.

▲ 31.10.2023 – Solana started collaborating with Amazon Web Services (AWS) to facilitate the creation and deployment of Solana nodes on AWS.

▲ 01.11.2023 – Significant growth in Solana discussions is observed, and optimism about the token has surged amid rising prices.

Toncoin (TON)

▲ 31.10.2023 – TON officially became the fastest blockchain in the world. Its achievement, 108,409 transactions per second, was verified by the reputable auditor CertiK.

Chainlink (LINK)

▲ 26.10.2023 – Vodafone and Chainlink tested a proof-of-concept for data transmission through blockchain.

Litecoin (LTC)

▲ 27.10.2023 – Santiment noted increased activity on the Litecoin network. Over the last week, 7,418 transactions equivalent to $100,000 were conducted, while the number of active addresses per day reached 319,000.

Pepe (PEPE)

▲ 25.10.2023 – Amid the scandal over the appropriation of cryptocurrencies by developers of meme cryptocurrency PEPE, the team burned 6.9 trillion tokens worth $5.5 million.

FLOKI (FLOKI)

▲ 26.10.2023 – Floki launched a cryptocurrency and an asset tokenisation platform called TokenFi, with its native token TOKEN.

EXMO.com news

Advanced trading became Professional: Advanced Mode has evolved into Pro Mode, offering sophisticated trading features.

Converter for small balances is available in EXMO.com app for Android: use it to continue benefiting from “dust” left after transactions.

0% fees on topping up your balance in PLN: deposit PLN via bank transfer without any additional costs.

Earn cashback on EXMO.com: be one of 100 traders, who will get a 1% cashback on fiat deposits.