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.