Bitcoin continues to make waves in the cryptocurrency market, recording a profit of 3.30 percent on Friday, October 20. This surge propelled Bitcoin’s trading value to $29,190, a significant milestone that the digital currency had not reached in months. What makes this achievement even more notable is that Bitcoin has managed to sustain its value above the $29,000 mark for an extended period, despite a decline in the US stock market. This resilience demonstrates the growing influence and dominance of Bitcoin in the crypto market.
Experts have observed a shifting market narrative as the focus on Bitcoin dominance increases. This change in perspective has led to a surge in profits for the asset. According to Edul Patel, CEO of Mudrex, the bullish sentiment in the market is reflected by Bitcoin’s growth of over eight percent in the past week. This positive trend is further supported by the indication from US Federal Chair Powell that the Federal Reserve is likely to keep rates unchanged in November, with a potential hike in December. Additionally, the 10-year U.S. Treasury yield has risen by six basis points to 4.97 percent, further contributing to the overall optimism surrounding Bitcoin’s performance.
Bitcoin is not the only cryptocurrency experiencing gains. Ether, the second-largest cryptocurrency by market capitalization, recorded a gain of 2.23 percent on Friday, reaching a trading price of $1,584. Other cryptocurrencies that also generated profits include Binance Coin, Cardano, Dogecoin, Litecoin, Tron, Polygon, Leo, Avalanche, Stellar, Monero, Cosmos, and Uniswap. The crypto market as a whole saw its valuation rise by 2.93 percent in the last 24 hours, reaching a total of $1.11 trillion.
Investors are closely monitoring the developments within the crypto space, particularly the launch of staking v0.2 by Chainlink. This update aims to provide greater flexibility to stakers, enhance security for oracle services, and introduce a dynamic reward mechanism, ultimately strengthening the overall system. As a result, the value of LINK, the native cryptocurrency of Chainlink, experienced a 2.2 percent increase.
Furthermore, XRP witnessed a substantial seven percent spike following the US Securities and Exchange Commission (SEC) dropping charges against Ripple Labs’ CEO, Brad Garlinghouse, and chairman, Chris Larsen. This development has instilled newfound confidence and optimism in XRP investors.
Despite the overall positive trend in the crypto market, some cryptocurrencies did experience losses. Tether, USD Coin, Solana, Bitcoin Cash, and Shiba Inu all recorded losses on Friday. Other cryptocurrencies that faced setbacks include Braintrust, Circuits of Value, Augur, and Binance USD. These instances of market volatility serve as a reminder of the inherent risks associated with investing in cryptocurrencies.
Bitcoin’s recent surge in value, coupled with its ability to maintain this level for an extended period, showcases its resilience and growing dominance in the crypto market. The shifting market narrative towards Bitcoin has resulted in increased profits for the asset. Additionally, other cryptocurrencies have also experienced gains, indicating a widespread positive trend. Nevertheless, market volatility remains a constant factor, as evidenced by the losses witnessed by certain cryptocurrencies. As the crypto market continues to evolve, investors must stay informed and cautious in navigating this dynamic landscape.