Alt Market's Upward push
Another wonderful week in the world of crypto begins with The price of Bitcoin around $6650, with 24 hour volume just creeping past 4 billion USD. $BTC’s volatility in October, so far, is hovering right around 1%.
If this trend for BTC continues till the end of Oct, this would be the lowest one-month volatility in Bitcoin’s history. This seems to be a very positive development for the crypto space as lessened volatility in a bear market indicates that sell pressure is subsiding.
now would be a good time to spend towards finding solid projects with bottomed out charts in the hopes of accumulating as the market attempts to turn around. We are slowly gaining a stronger and stronger bias that the bear market may be coming to a close. If this is the case, then we may see noticeable returns in alts in the coming weeks and months.
In previous post sthe total market cap chart was shared, excluding Bitcoin, because it provides a good picture at how alts are performing as an asset class. Below is an updated look at the total market cap, excluding Bitcoin. As you can see, volatility is fairly low even in the alt markets. Ranging has continued between 102 and 107 billion USD.
The ranging at these levels indicates that the market is gaining strength with each passing day. It would best suit anyone to continue to analyze stand-out projects for potential entries as more signs continue to flow into the market, signaling stabilization and rejection of bearish pressure.
It would look exciting if there is volume backed break-out and daily close above $6800 for $BTC. The crypto seems to be trending in the right direction.
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