Now we have to hope for a more positive situation in October, but what is the reality? Here is what we will see immediately with important predictions for this month!
It's been a pretty challenging year for the cryptocurrency industry. Since the beginning of the year the situation has started to deteriorate, with Bitcoin losing its momentum and obviously having an impact on all altcoins.
This was followed by a number of security issues, such as hacking the Ronin deck of the Axie Infinity Play to Earn (P2E) game. While this didn't have a real impact on the market, it did lead to a logical sequence of negative events that made investors more dubious.
The most significant time of the year occurred in May, when Terra Luna dropped from around $ 150 to less than $ 1 in a matter of hours. This cryptocurrency (now LUNC for Luna Classic) was one of the largest and strongest on the market.
Aside from Bitcoin, which has continued to decline in value, LUNC's fall at such a rapid pace has strained the entire market. Cryptocurrencies have always had high volatility, but investors have once again realized that cryptocurrencies remain relatively unstable despite the growth of the market in recent years.
For example, the market went from over $ 3.000 trillion to less than $ 1.000 trillion in a matter of months. According to CoinMarketCap, the market is currently worth $ 927 billion.
Of course we are still in a bearish phase and the month of October looks set to continue this trend if the parameters remain similar for both the Fed and Bitcoin.
Another indicator that shows an overall market decline is the transaction fees on major cryptocurrencies, which attest to demand. In the third quarter, Bitcoin generated only $ 30 million in commissions compared to the second half of the year, when it generated $ 42,9 million.
Ethereum, on the other hand, went from $ 1,29 billion in the second half of the year to $ 264 million in the third half. Of course, this big difference is also a consequence of the much anticipated The Merge update.
Despite the drop in demand, the price of cryptocurrencies has held up relatively well to the current situation. Indeed, on the Bitcoin front there appears to be relatively neutral sentiment, while ETH is more bullish following The Merge bringing the PoS mechanism and replacing the PoW.
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