The month of October 2024 is currently marked by notable declines in the crypto market. Investors, very worried, are wondering if Uptober will ultimately take place, or if they should already consider other solutions. Regardless, Bitvavo's analysis will allow them to position themselves and make informed decisions for the end of the year.
A very eventful week in the crypto market
The week was marked by significant movements in the crypto market. However, Bitvavo highlights the performance of altcoins outside the top 10, which tend to react faster than BTC.
The total market value of these altcoins has touched the descending trendline, which is encouraging. However, two clear signal lines emerge: a move above the green line would confirm a change in trend, while a move below the red line would indicate the opposite.
It has also been a tumultuous week for the XRP community. The announcement of Bitwise's filing with the US SEC for a spot XRP ETF initially sparked excitement. However, this optimism was quickly tempered by news of the SEC's appeal of Ripple's previous legal victory. According to Bitvavo, this news caused significant volatility for XRP which fell by 15%, illustrating the ongoing challenges facing cryptos.
A possible increase in sight?
Despite this correction, Bitvavo remains optimistic about the long-term trend of the crypto market. The charts show that the series of higher highs and lows remains intact, supported by the 50-week moving average. This pattern suggests that a decisive move is imminent, either towards a deeper correction or an upward recovery.
Aside from its accurate and efficient analytics, Bitvavo stands out as an ideal platform for young crypto investors, thanks to its user-friendly interface and competitive transaction fees. The platform offers a wide range of digital assets, allowing users to easily diversify their portfolios. Additionally, Bitvavo offers educational resources and responsive customer support, helping new investors navigate the complex world of cryptocurrencies.
Finally, week 41 of 2024 was eventful for the crypto market. Bitvavo emphasizes the importance of remaining vigilant and informed in the face of market fluctuations. With quality tools and analytics, Bitvavo continues to support investors in their financial decisions.
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