For the eighth month this year cryptocurrency markets have fallen. October has been no exception with a 9.4% decline in total market capitalization. This has resulted in the loss of over $20 billion from cryptocurrencies during the month. The Friday 12 monthly low to $197 billion was not as deep as September’s dip but very close. At the end of October markets were at just over $200 billion, down 75% from their January high. The downtrend is still very clear but the losses have grown smaller indicating that the bottom could be close.
Bitcoin lost ground in October, starting the month at just over $6,600 and ending it at $6,320. This 4.5% decline is not as bad as it seems since BTC has held above the $6k level for a year now, aside from a couple of quick bounces below it. It has come a long way in the past ten years and some stability is welcome.