Cryptos Start November On A Sober Note

Cryptocurrencies remain muted early on Tuesday, the first day of November, while bracing for the Fed’s interest rate decision due on Wednesday. October had been a significant month for crypto markets as overall crypto market cap increased more than 6 percent to $1.02 trillion, from $954 billion at the end of September. Hopes of a Fed pivot had fed the crypto rally in October.

Markets are still hoping that the Fed would start to slow down its pace of rate hikes post the widely expected 75-basis-points rate hike on Wednesday.

Wednesday’s decision by the Fed would be followed by the Bank of England’s review on Thursday. Several central banks including the European Central Bank have already increased interest rates recently with the objective of managing persistent inflation.

November has been a historic month for crypto markets. Crypto market’s painful tryst with central bank monetary policy started almost a year ago, in mid-November 2021 when the U.S. CPI readings for October 2021 were released. Cryptocurrency prices which had been hovering near all-time highs plunged soon after as the hyper-inflation narrative triggered a scare about interest rate hikes and liquidity curtailments that central banks would resort to, in order to arrest inflation.

Bitcoin is trading at $20,430.58, edging up 0.2 percent on an overnight basis. Bitcoin’s market dominance decreased to 38.6 percent versus 38.7 percent a day earlier. Bitcoin recorded gains of 5.5 percent in the month of October.

Ethereum too added 0.2 percent overnight to trade at $1,574.12. Ethereum’s dominance of the crypto market dropped to 19 percent, versus 19.3 percent a day earlier. October was a significant month for Ethereum as it recorded gains of more than 18 percent.

4th ranked BNB (BNB) is currently trading with overnight losses of close to 3 percent. However, the cryptocurrency of the centralized cryptocurrency exchange Binance gained close to 15 percent in the month of October.

6th ranked XRP (XRP) has edged up 0.80 percent overnight. XRP had declined around 3 percent in October despite expectations that Ripple Labs would win the lawsuit against the U.S. SEC.

8th ranked Dogecoin (DOGE) recorded an impressive 106 percent rally in October, thanks to DOGE champion Elon Musk’s purchase of Twitter. Amidst the continuing euphoria and hopes of a Twitter integration, the meme-coin has gained 17 percent overnight.

Cardano (ADA) which occupies the 9th rank overall had declined 6.5 percent in the month of October. ADA has however edged up half a percent in the past 24 hours.

Solana (SOL) declined 1.9 percent overnight. Solana’s decline in the month of October was around 2 percent.

Overall crypto market capitalization is currently at $1.01 trillion, slipping from $1.03 trillion a day earlier.

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