Weekly Crypto Market Analysis | October 30

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 Weekly Crypto Market Analysis here.

According to CoinMarketCap, the current market cap is  ₹106.03T on 30 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 ₹2,856,831.11, reflecting a 0.94% increase within the last 24 hours and a 10.41% hike over the course of 7 days. Talking about Ethereum, ETH is currently valued at ₹148,744.59, showing a 0.58% jump in the past 24 hours, with a huge surge of 4.02% over the span of 7 days.

Weekly Crypto Market 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: Internet Computer (ICP), Shiba Inu (SHIB), and Wrapped Bitcoin (WBTC). 

In the past week, the price of Internet Computer (ICP) showed an 18.26% hike. In addition, the token also experienced a marginal hike of 6.88% in the past 24 hours. And the token is currently trading at the price of ₹329.26.

In addition, the Shiba Inu (SHIB) token jumped by 8.24% in the past week. Furthermore, in the past 24 hours, the token also surged by more than 1.11%. In addition, the price of the SHIB token is trading at ₹0.0006597.

Talking about Wrapped Bitcoin (WBTC), the token illustrated a 9.66% hike as compared to other major cryptocurrencies. In addition, WBTC has shown a 0.85% hike in the past 24 hours, trading at a price range of ₹2,854,616.25.

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:

weekly crypto analysis

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.

Weekly Crypto Market Analysis: Trending News From the Last Week

▪️ In an attempt to increase volume, Indian banks are providing incentives for completing transactions with the e-rupee, the central bank’s digital currency. Rewards points and cashback are available, similar to what banks provide for credit and debit cards. According to the sources, the banks are financing the proposals on their own.

▪️ Polygon Labs, the issuer of the MATIC token, announced on October 25 that their POL token proposal has gone live on the Ethereum mainnet as a part of the Polygon 2.0 roadmap. Due to its development, the POL token will soon replace the MATIC token as Polygon’s next-generation hyperproductive ecosystem which includes the main Polygon blockchain, the Polygon zkEVM network, and various supernets.

▪️ Solflare which is a prominent Solana Wallet provider has introduced a new feature in which MetaMask users can easily manage their Solana portfolio from their existing Metamask wallet. This integration is a very significant shift in the crypto industry because it will bridge the gap between Solana and Ethereum.

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 Weekly Crypto Market 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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