The crypto market awaits the US interest rate decision

After a bullish last week of trading, in which many cryptocurrencies were able to generate a price increase, the overall market tended to be a little lighter at the start of the week.

The crypto market is thus following the major US stock indices, which are also correcting after a significant price increase last Friday. In view of the weak quarterly figures of the large Internet companies Meta, Alphabet, Microsoft and Amazon, this course consolidation on the classic financial market is understandable.

The fact that the key crypto currency Bitcoin and Ethereum (ETH) were so bullish last week indicates a declining correlation between the crypto sector and the stock market. The resilience of Bitcoin and Co., which has recently been discussed several times, despite a persistently difficult economic situation on the classic financial market, should still be interpreted bullishly.

Bitcoin’s price increase in the previous week led to an increase in volatility in the crypto market, as suspected in the last overall market analysis from October 18th. As a result, the Bitcoin price rose to a new six-week high and is currently trying to stabilize above the upper edge of the range at USD 20,400.

The financial world looks to the US Federal Reserve

The interest rate decision by the US Federal Reserve next Wednesday, November 2nd, is likely to be of decisive importance for the price development in the coming trading weeks. If there is no new drastic sell-off on the global stock markets and the financial market can continue its recovery, the crypto sector should also continue to expand its positive trend of the previous weeks.

If the key crypto currency dynamically overcomes the resistance area around USD 21,100, a price increase towards USD 21,800 can be expected. Altcoins are also likely to follow this development. A look at the list of the 100 largest cryptocurrencies underlines the positive trend of the last seven trading days.

Following the completion of Elon Musk’s Twitter takeover last Friday, the memecoin Dogecoin (DOGE) exploded by 94 percent. At its peak, the price increase was even around 150 percentage points. On the loser side, on the other hand, there are only two cryptocurrencies with a double-digit price discount. This confirms the bullish bias among the top 100 altcoins.

The total market capitalization also increased by 13 percentage points in the last seven trading days and temporarily reached the psychologically important price level of USD 1 trillion before the market capitalization of all cryptocurrencies consolidated back to the current USD 966 billion.

Price developments of the top 10 altcoins

• A look at the price development of the top 10 altcoins confirms the positive trend on the crypto market. With the exception of Ripple (XRP), which is valued three percentage points lower in a weekly comparison, the remaining top altcoins are showing some significant price increases.
• Topping the list of winners is Dogecoin (+94 percent), followed by the other memecoin in the top 10, Shiba Inu (SHIB), up 19 percent.
• Ethereum with 16 percent and Solana (SOL) with 14 percent growth in value are also convincing.
• The Binance Coin (BNB) with a 13 percent price increase and Polkadot (DOT) with a 12 percent increase in value can also increase in double digits,
• The positive picture among the 10 largest cryptocurrencies is completed by Cardano (ADA) with a good 10 percent price recovery.

Winners and losers among the top 100 altcoins

• The performance of the top 100 altcoins underpins the bullish price development in the crypto sector.
• Around 70 of the 100 largest cryptocurrencies can record a price increase for themselves.
• In addition to Dogecoin, the top-ranked cryptocurrencies include the Tokenize Xchange (TKX) own altcoin with a 52 percent increase in value, followed by Klaytn (KLAY) with a price increase of almost 50 percent.
• With Osmosis (OSMO), another cryptocurrency of a decentralized exchange shows a remarkable price increase. The OSMO price gains 29 percentage points week-on-week. It is followed by the Mina Protocol (MINA) with a 22 percent increase in value and Chilliz (CHZ) with a 19 percent price increase.
• The manageable list of underperformers is led by the new crypto project Aptos (APT), which corrected almost 20 percentage points in a weekly comparison. Chain (XCN) also has to give up feathers, as it did last time, and lost 14 percent in value.
• They are followed by Maker (MKR) and Helium (HNT), each down by almost seven percentage points.
• The fact that only two top 100 altcoins have a double-digit discount underlines the positive trend on the crypto market in the last week of trading.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 1.02.