Cryptocurrency

October yield: Cryptocurrencies return to gains

Cryptocurrencies return to gains in October

The top 10 cryptocurrencies reported a gain in October, where the Bitcoin, the leading digital currency, posted its first monthly advance in four months.

The Bitcoin surged 10.8 percent in October, following a loss of 13.8 in September, rising for the first time since June and halting the downside correction. 

The largest cryptocurrency saw some improvement in trading volume last month, as the 24-hour volume rose from $15.3 billion on October 1 to 26.5 billion on October 30, according to CoinMarketCap.

Among the top 10 digital currencies, Bitcoin SV (BSV) and Tron (TRX) experienced the sharpest increases in October with 48.3 percent and 36.8 percent respectively.

Ethereum saw a modest gain of 2 percent last month, while Ripple recorded 15.6 percent soar.

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So far, the Bitcoin has shot up almost 150 percent since the beginning of the year, where it hit its highest level this year at $13,880 on BitStamp cryptocurrency exchange in June.  

The total market capitalization in the cryptocurrency market rose to $220.4 billion on October 1 to 247.3 billion by the end of October.

The most notable thing that occurred last month was the slight rise in the Bitcoin dominance rate from 67.4 percent to 67.6 percent, which meant the retreat in Altcoins’ appeal.

Meanwhile, the Bitcoin is trading 0.97 percent up at $9,337.5, where some traders are still betting the Bitcoin would resume its rally over the coming months.  

Ethereum surged 1.65 percent to $187.78, Ripple advanced 2.58 percent to $0.3012 while and Litecoin augmented 4.58 percent at $63.12.

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