Most cryptocurrencies seem to be gradually becoming less volatile and reacting less strongly to macroeconomic developments. Most prices remained relatively quiet last week, but several cryptos were able to rise significantly last month and quarter.
Total market capitalization started the quarter at just $910 billion, recovered to $1.2 trillion in mid-August, but plunged back below $1 trillion two weeks ago. Currently, the market cap stands at $973 billion, down 0.5% in the past 24 hours. Discuss this in our Discord surroundings!
📈Market Overview#BTC price trades above $19K
The Top 10 are traded in different directions: $XRP +0.66%, $ETH -0.95%, $DOGE -0.48%.
Market cap: $986B (-0.45%) $BTC dominance: 37.5% (+0.58%)
Fear & Greed Index: 24 (Extreme Fear)Full Report👉https://t.co/OHe6CxB0fp pic.twitter.com/uPOKQfW04o
— CryptoRank Platform (@CryptoRank_io) October 2, 2022
Bitcoin back to the same price
Bitcoin (BTC) started last quarter at around $19,300, rose briefly to $25,000 in August, but was rejected there. Bitcoin has since returned to $19,300 where the price is currently consolidating again. The price started to fluctuate briefly around the quarterly close, but that too was short-lived. Bitcoin stands at $19,270 on Coinbase and $19,660 on Bitvavo at the time of writing.
Hesitant to declare “Bitcoin has decoupled” because oftentimes it’s just lagging, but BTC relative strength this week was clear and something to keep an eye on. pic.twitter.com/oLVCFqgoQ4
— Will Clemente (@WClementeIII) Oct 1, 2022
Bitcoin held up remarkably stronger than stock markets last week. Once risky markets like S&P 500 and Nasdaq fell this year, bitcoin tended to fall harder. That was not the case this week. Nevertheless, it is probably still too early to speak of a decoupling or trend reversal. The market is still very concerned about the macroeconomic situation, analysts are still very bearish and bitcoin was able to fall relatively deeper during previous bear markets.
#Bitcoin 2018 vs 2022: pic.twitter.com/hesGTKqOSE
— Matthew Hyland (@MatthewHyland_) October 2, 2022
Ethereum takes a hit after merge
Ethereum (ETH) took a hit last month. The ether price outperformed bitcoin last summer, probably due to the hype about the so-called ‘merge.’ On September 15, Ethereum made the switch to proof of stake, however, the price dropped sharply afterwards. In retrospect it turned out to be a “buy the rumour, sell the news” development.
ETH fell about 18% in value last month, but is still 25% higher than last quarter. Meanwhile, ETH is again strongly correlated with BTC, dropping 1.5% to $1,310 today.
Account abstraction: New version of ERC 4337 released!https://t.co/rQtajOQ3FO
Added signature aggregation. The implementation now includes BLS.@drortirosh @VitalikButerin
— yoav.eth (@yoavw) Oct 1, 2022
XRP rose due to lawsuit, MATIC rose faster
On the other hand, ripple (XRP) was able to rise sharply last month. New developments in the lawsuit with the US Securities and Exchange Commission (SEC) may cause some ‘retail FOMO’ again. XRP fell 3% this week, but is up 43% in September and even 50% in the third quarter of 2022.
Still, XRP was not the strongest gainer among the largest crypto over the past quarter. That honor goes to polygon (MATIC), which is even up 69% from 90 days ago.
.@0xPolygon really is a bunch of startups within a startup.
Here’s just some of the stuff that we are working on internally:
– an EVM opcode based zkEVM (Hermez)
– a really fast zero-knowledge crypto prover that can prove any EVM transaction (Zero)— Anurag Arjun (Polygon/Matic) (@anuragarjun) September 29, 2022
Crypto top 100 hardest risers Q3 2022
Then we have a number of notable outliers in the top 100. Reserve rights (RSR) is today no less than 18.5% in the plus and thus enters the top 100. RSR even rose by 52% in September and by 42% in the past quarter.
$RSR wants to break the next resistance pic.twitter.com/3FtA5FEvRN
— il Capo Of Crypto (@CryptoCapo_) October 2, 2022
Chiliz (CHZ) fell 12% this week, but is still up 142% in the past quarter. Quant (QNT) was up 20% last week, 45% last month and even 145% last quarter.
Then of course we have terra luna classic (LUNC). LUNC is again up 17% today, 52% in the plus in September and a whopping 173% in the plus in the third quarter of 2022.
Still, LUNC was not the fastest climber in the quarter. Despite Lido (LDO) falling 12% this week and even falling 28% in September, LDO is still up 215% from 90 days ago.
There’s been a lot of talk about the centralization of PoS Ethereum recently. Most of the public discourse on the topic is misguided, BUT the main point stands:
We need mechanisms to make liquid staking protocols permissionless.
Read more:https://t.co/42MFwpvo1d pic.twitter.com/0m62x0esoN
— Greg Vardy ✨ (@0xGreg_) September 29, 2022
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