While this October didn't start very well for the legacy coin and the rest of the crypto market, the month ended on a high and added to Bitcoin's green October tally. Here's a look at some of the biggest movers in Uptober 2022.
If we look at historical data, October has generally been a good month for cryptocurrencies. For instance, before 2022, Bitcoin has been in the green seven times out of the last nine Octobers, the only red months coming in 2018 and 2019. While this October didn't start very well for the legacy coin and the rest of the crypto market, the month ended on a high and added to Bitcoin's green October tally. Here's a look at some of the biggest movers in Uptober 2022.
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Let's start with the two biggest cryptocurrencies, Bitcoin and Ethereum. October began exceptionally slowly for the two market leaders. BTC was changing hands at $19,670 on October 1, dipping to a three-month low of $18,438 on October 13. It's a similar story for ETH, which began the month at $1,348 before also falling to a 3-month low of $1,271 on October 13. However, both coins managed to recover by the month's end, with BTC and ETH trading at $20,605 and $1,595 on October 31, respectively. That marks an 18 percent increase for Ethereum and a 4.75 percent increase for Bitcoin.
However, these are minimal gains compared to some of the top gainers from October. For instance, Dogecoin more than doubled in valuation thanks to Elon Musk's Twitter takeover. The meme coin shot up from $0.06028 on October 1 to $0.147 on October 31. That translates into a massive 143 percent increase in October. The native token of the Chinese crypto exchange, Huobi, also saw a similar growth spike. The Huobi Token (HT) was trading at $4.45 on October 1 before spiking to $8.60 on October 31, an impressive 93 percent increase. The Huobi rally was fuelled by a fresh round of funding and change in management, with TRON's Justin Sun and the team reportedly taking over essential departments in the company.
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Other winners for the month included Osmosis (up 44 percent in October), the Trust Wallet Token (up 39 percent), Casper (up 38 percent), Klaytn (up 37 percent), and Elrond (up 23 percent). Taking up the 8th, 9th, and 10th spots on the list of top 10 gainers for October are Mina, Ethereum and the Maker DAO, respectively, all up by around 20 percent for the month.
Topping the list of losers for the month is Ethereum POW (ETHW). The resultant outcast chain from Ethereum's hard fork to the proof-of-stake consensus mechanism has not gotten off to the best start. It began the month at $11.87 and ended at $6.53 on October 31. The drop is even more significant if you consider its all-time high of $136.40 from Sept 8. ETHW's downward spiral began when the blockchain was hit with a replay attack that saw several tokens stolen from the network's cross-chain bridges.
The second-largest loser in October was Terra Classic (LUNC). The troubled token from the original Terra blockchain started the month at $0.00030 and ended at $0.00024, equating to a 30 percent drop. The token did see some traction after an internal burn mechanism was announced by project devs, with Binance following suit with its own transaction fee burn for LUNC. However, these initiatives failed to keep the token in the green in October.
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Next up is the native token of the metaverse platform Axie Infinity. Its AXS token dropped 26 percent in Oct, taking its year-to-date losses to more than 90 percent. It's a similar story with Helium. The decentralised hotspot network also lost 20 percent of its valuation in Oct and is currently trading 89 percent lower year-to-date. Compound, Internet Computer, Chain, the Near Protocol, The Graph, and Ethereum Classic take up spots five to 10, with decreases in valuations ranging between 11 and 17 percent.
Despite these losses, it's been a good month for the crypto industry overall. More coins ended up in the green than in the red, and the global crypto market cap also grew from $946 billion at the start of the month to $1.057 trillion on October 31. This further adds to a pattern of bullish Octobers observed across the last ten years and reinforces the cyclical nature of cryptocurrencies.