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Will Bitcoin be Among the Top 5 Cryptocurrencies for November?

The price of Bitcoin in October marked the beginning of an uptrend that allowed it to be one of the most winning cryptocurrencies of the period.

With a profit of 33.5% in October, Bitcoin was among the best five coins of the month. Along with four other altcoins, according to a research company called LunarCrush.

With a market capitalization in the month of just over $255 billion and an average price above $13,000, Bitcoin stood out in the crypto ecosystem for its bullish position. 

Undoubtedly, one of the great catalysts for the price rise in Bitcoin was the news from Paypal about its acceptance of buying and selling through its cryptocurrency platform. This market has more than 500 million users around the world.

The price of Bitcoin registered the first day of October at a value of $10,795. Meanwhile, it closed the month at $14,000. Its performance stood above Litecoin, Bitcoin Cash, Chain Link and Ethereum, which posted positive growth in the same period.

Besides, during October, the cryptocurrency experienced an advance in the ‘Galaxy Score.’

It’s an internal indicator of the LunarCrush platform to show the social traction in cryptocurrency networks.

Despite the futures expiration that Bitcoin had on the last Friday before Halloween, its price was not affected by the settlement of orders arranged for the 13k levels. It’s very contrary to what happened on other occasions.

In this context, the monthly volume of derivatives exchange fell 10% more in October compared to the volume registered in September 2020. It went from $741,000 million to $667,000 million.

Bitcoin’s current location

The price of Bitcoin registers 100 consecutive days above the five digits, after breaking $10,000 at the end of July. Since then, after it crossed the psychological barrier of 10k, the price of Bitcoin has experienced a growth of 38%.

The crypto ecosystem is filled with positive news that makes Bitcoin seem immune to the development of the presidential elections in the United States. The size of the volume aggregates and the open interest of products related to the leading cryptocurrency continues to experience a significant rise. Which coincides with the largest influx of BTC ever recorded by major institutional investors such as the Grayscale Trust.

For now, Bitcoin is holding steady as the US elections unfolds. Its trading at an average price of $14,138, an increase of 2.21%, after briefly falling back below 14k.

 

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