Cryptocurrencies Price Prediction: Bitcoin, Ripple & Crypto – European Wrap 8 October
|Events and risks that could drive Bitcoin this week
Bitcoin is inching higher after yesterday's losses as the largest cryptocurrency struggles for direction. While October is historically a strong month for Bitcoin, that hasn’t been the case so far. Instead, Bitcoin has been range-bound in choppy trade for the past seven days, highlighting the lack of a clear, near-term trend.
Ripple price shows signs of weakness
Ripple (XRP) price stabilizes around $0.530 and trades within a tight range for the fourth day in a row on Tuesday. After breaking below its ascending trendline last week, XRP’s price was rejected from its daily resistance level on Monday. This bearish price action is further supported by on-chain data, which show a spike in the Network Realized Profit/Loss (NPL) metric and a decrease in daily trading volume, hinting at a decline ahead.
Equity weakness dampens crypto investment appetite
The cryptocurrency market rolled back 1.8% in 24 hours to $2.17 trillion due to a reduction in risk appetite among investors, sparking a sell-off in bonds and equities. That said, as the less risky of the cryptocurrencies, bitcoin has been gaining ground relative to the overall market during similar periods, now holding 56.9% of the capitalisation of all currencies - its highest since April 2021. That share is largely taken away from Ethereum, which now weighs in at 13.5% of the entire market, which was also last seen three and a half years ago.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.