The previous week’s events fueled optimism in the cryptocurrency market, and we’re looking forward to seeing what this month brings. Before continuing, take a look at our Weekly Crypto Market News.
On October 14, CoinMarketCap reported a market cap of ₹183.9 trillion. Furthermore, in recent weeks, the top-performing currencies have witnessed enormous gains and losses, attempting to establish a new market trend.
As of the past week, Bitcoin is priced at ₹5,378,830.64, reflecting a 1.69% surge within the last 24 hours with a short price increase of 0.70% over 7 days. Regarding Ethereum, ETH is currently valued at 212,600.83, showing a 2.58% jump in the past 24 hours, with a significant surge of 1.60% over 7 days.
Weekly Crypto Market News: 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: Aptos (APT), Sui (SUI), and Avalanche (AVAX).
In the past week, the price of Aptos (APT) showed a 14.00% surge. However, the token experienced a marginal drop of 2.36% in the past 24 hours. The token is currently trading at the price of ₹846.44.
Sui (SUI), the token, illustrated a 17.32% jump compared to other major cryptocurrencies. Meanwhile, SUI has shown a 0.40% fall in the past 24 hours, trading at a price range of ₹187.81.
In addition, the Avalanche (AVAX) token increased by 7.62% in the last 7 days. Furthermore, in the past 24 hours, the token also jumped by more than 1.17%. In addition, the price of the AVAX token is trading at ₹2,475.36.
Top Crypto Gainers & Losers
The past week remains one of the most confusing weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past day:
How the Crypto Market Became Volatile?
The crypto market has been consolidating for the past week, with major cryptocurrencies like Bitcoin and Ethereum seeing large ups and downs after breaching key resistance and support. Moreover, Google search volumes for the term “Bitcoin” reached a one-year low during the week of October 12, 2024. By the end of the week, global interest in the search phrase had decreased to only 33 out of a possible 100.
Apart from that, Memecoins trounced all other sectors in the crypto world in 2024, and they show no signs of slowing off for the rest of the year. According to Step Finance, the Solana network has created 491,000 additional coins since September 12, 2024.
Live Crypto Market Updates: Trending News From the Last Week
▪️ The most recent Labor Department statistics showed that US PPI inflation came in at 1.8%, above market expectations of 1.6%, raising fears over a future Bitcoin fall. On a month-over-month (MoM) basis, inflation is stable at 0.0%, after gaining 0.2% the previous month.
▪️ Ripple’s Chief Legal Officer announced last week that the company has filed a cross-appeal in its dispute against the US Securities and Exchange Commission. This adds a fresh element to the legal struggle, which has been underway since December 2020.
▪️ The HBO documentary Money Electric: The Bitcoin Mystery has stirred discussions in the larger financial industry, with a recent leak pointing to the genuine identity of Bitcoin founder Satoshi Nakamoto. The films that have surfaced on social media sites suggest that Peter Todd, a former Bitcoin Core developer, may be identified as the person behind the identity.
️SunCrypto Views
The recent volatility trend in the cryptocurrency market demonstrates its dynamic evolution, which has included substantial volatility and stable investor confidence. This development reflects growing institutional interest and improving technological advancements.
Despite these ongoing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent volatile trend is tremendous, it’s critical to approach the cryptocurrency market with care and a long-term mindset.
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