Although cryptocurrency is growing, the pace of global markets is slower. Bitcoin rose by 0.51% intra-day trading today at 5.55 UTC and was quoted at US$ 19,692.10. Yesterday, Bitcoin closed at US$ 19,592.40.
Bitcoin gained 4.70% in the past 5 days. It has fallen by 1.79% in the last month. Bitcoin has plunged 56.76% in the past 6 months.
However, major cryptocurrencies like Ethereum have gained a lot of ground today. Ethereum closed at US$ 1,344.35, an increase of 0.63%. Yesterday, Ethereum closed at US$ 1335.97. Litecoin closed yesterday at US$ 1,335.97 at 54.03, an increase of 0.093%. Dogecoin was at US$ 0.0607, up 0.16%. Cardano was at US$ 0.4339, down 0.73% today.
The bear market is still affecting the US stock markets. S&P 500 fell by 0.65% to 3,618.64 point, while Nasdaq Composite dropped by 0.42% to 10,692.13, as of today’s writing. The US Dollar index fell by 0.3% to 112.11 today.
A CoinDesk data commentator said that October was a good month to be bitcoin (BTC). It is possible that traders will look forward to taking advantage of the bullish seasonality after seeing the cryptocurrency remain stable despite recent market turmoil.
According to historical data from Charting platform TradingView, Bitcoin has had a positive October performance in eight of the last 12 years. The average return on Bitcoin is around 30%. This means that October has seen positive returns 66% of all time. One indicator that tracks the U.S. Dollar liquidity warns bulls to be cautious.