Crypto Market Weekly Analysis| October 23

In the past week, the crypto market was back on track again with substantial profits, as bulls are taking control over the bears to continue the ongoing bullish market trend. 

The developments of last week have sparked excitement within the crypto community, and we eagerly await what this month has in store. Before diving into that, be sure to explore our Crypto Market Weekly Analysis here.

According to CoinMarketCap, the current market cap is  ₹94,632,478,986,258 on 23 October. In the past few months, even the top-performing coins were seen struggling and are trying to make a comeback.

As of the past week, Bitcoin is priced at ₹2,548,704.66, reflecting a 2.35% increase within the last 24 hours and a 10.84% hike over the course of 7 days. Talking about Ethereum, ETH is currently valued at ₹141,162.05, showing a 4.41% jump in the past 24 hours, with a huge surge of 6.99% over the span of 7 days.

Crypto Market Weekly Analysis: Top Trending Coins

In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Solana (SOL), Chainlink (LINK), and Polygon (MATIC). 

In the past week, the price of Solana (SOL) showed a 36.04% hike. In addition, the token also experienced a marginal hike of 2.69% in the past 24 hours. And the token is currently trading at the price of ₹2,539.49.

In addition, the Chainlink (LINK) token jumped by 43.43% in the past week. Furthermore, in the past 24 hours, the token also surged by more than 17.40%. In addition, the price of the LINK token is trading at 901.06.

Talking about Polygon (MATIC), the token illustrated an 18.29% hike as compared to other major cryptocurrencies. In addition, MATIC has shown a 9.04% hike in the past 24 hours, trading at a price range of ₹51.67.

Top Crypto Gainers & Losers

The past week remains one of the most bullish weeks for the crypto market in 2023. So, let’s have a look at some of the top crypto gainers and losers from the past week:

Crypto Market Weekly Analysis Top Gainers & Losers

How the Crypto Market Became Bullish?

The Crypto Market became bullish after the US Securities and Exchange Commission announced that all charges against Ripple’s leadership, including CEO Brad Garlinghouse, would be dropped. The cryptocurrency community rejoiced at Ripple’s victory.

Furthermore, the increased likelihood of spot ETF clearance is also fueling interest in the crypto market. According to several forecasts, the SEC will likely approve a Bitcoin spot ETF product by the end of this year, or no later than 2024.

Crypto Market Weekly Analysis: Trending News From the Last Week

▪️ The CBI recently arrested an Ahmedabad-based individual in connection with a crypto scam. According to a report, the accused, Ramavat Shaishav aka James Carlson, was apprehended on Saturday, October 21st.

According to the report, the CBI conducted raids on his Ahmedabad premises and seized cryptocurrencies worth $0.93 million from his wallets, including Bitcoin, Ethereum, Ripple, USDT, and others. 

▪️ Scroll, a new player in the zero-knowledge Ethereum Virtual Machine (zkEVM) space working to scale the blockchain, has announced the launch of its mainnet. Scroll’s team announced the launch in an Oct. 17 blog post, adding that current Ethereum applications and developer toolkits can now move to the new scaling solution.

▪️ Hindustan Petroleum (HPCL), one of India’s leading oil and gas firms, is creating blockchain technology to facilitate automatic purchase order (PO) verification. HPCL has collaborated with Zupple Labs, a blockchain software developer, to integrate its blockchain-based digital credentialing technology into the purchase order system.

SunCrypto Views

The bullish trend in the crypto market represents a significant and transformative shift in the financial landscape. As a result, cryptocurrencies have gained momentum as viable investment assets, driven by increasing adoption, institutional interest, and growing future developments. 

While this upward trajectory brings the potential for substantial returns, it also carries risks. Investors should exercise caution, conduct thorough research, and diversify their portfolios. The future of the crypto market remains uncertain, subject to regulatory changes and market dynamics. 

For more crypto-related content like Crypto Market Weekly Analysis, informational blogs, and crypto news, check out Suncrypto Academy.


Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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