Uptober failed to prove the predictions of bullish traders for now, when Bitcoin fell sharply and even reached $60,000 yesterday.
Altcoins also suffered a major fall, with prices falling between 5-6% for cryptocurrencies such as ETH, SOL, LINK, AVAX, and others.
A few days ago, on Sunday, this major cryptocurrency was at the level of over $66,000 after a week of strong performance, during which the price of BTC has increased by around 10%. However, a quick massive sell-off started to push this asset towards a strong fall in the next few days.
After falling to $63,000 on Monday and $60,200 on Tuesday, BTC slipped below $60,000 (on Bitstamp) yesterday. Waima's buys managed to hold that level at first, and the asset jumped to over $62,000 by midday.
However, the performance was halted at that point and was again driven to losses, now at the $60,500 level. This has prompted many industry analysts to question whether October will be as strong as historical data suggests.
The current price of BTC pushed the market cap below $1.2 trillion after exceeding $1.3 trillion a few days ago. However, the positive thing is that Bitcoin's dominance over altcoins has increased to 54.5%, as most altcoins suffered bigger losses.
The biggest news in the industry yesterday was probably the SEC's somewhat unexpected decision to appeal the court's decision in their lawsuit against Ripple. This move had a dramatic and immediate impact on the price of XRP, which fell by double digits. Now, this asset is down by 14% and fighting to stay above $0.51.
Several other large market capitalization altcoins also suffered heavy losses, as mentioned above. Ethereum fell by 5% to below $2,350, SOL was below $140 after a daily drop of 5.5%, while AVAX and LINK plunged by 7% and 6% respectively.
Big price drops came from ENA (-20%), BEAM (-19%), WIF (-16%), and BONK (-15%).
The total volume of the crypto market has fallen to $2.2 trillion on CoinMarketcap, meaning it has lost about $150 billion since the beginning of October.
