In the crypto market report prepared by the ICRYPEX Research team and covering the week of October 23-30, we have compiled the latest developments on crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report just below, and you can find all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: October 23, 2023.
October 23rd Weekly Crypto Market Report Overview
Last week, we see that the uptrend that started the previous week continued and with the positive ETF developments, the price rose above 32,500 levels for the first time since May 2022. In Bitcoin, which became independent of macroeconomic developments in this process, it was seen that Blackrock Spot BTC Etf was included in a list on the DTCC side, and this news enabled us to see significant increases in Bitcoin and then in all crypto assets on Monday. Reaching $35,000, Bitcoin’s market dominance reached 54%. After this move, we saw Bitcoin transition to a horizontal movement in the range of 33,500-35,000 and increased mobility in altcoins.
While Ethereum rose to 1850 at 1650 levels, we watched the rallies of almost all altcoins, especially SOL and LINK. In this process, we see that crypto assets are much less affected by macroeconomic data and US indices than in the past, and that price movements are more influenced by their own dynamics, as in previous bull periods.
Although a global tightening period is taking place, the increase in crypto asset investments and initiatives, especially by institutional investors, seems to be the most important title in the rise. With the rise in Bitcoin and altcoins last week, the cryptocurrency market capitalization rose from $ 1.04 trillion to $ 1.26 trillion. This was the highest level seen in the last 6 months since April.
For more comprehensive information on the week covering October 23-30, check out the Weekly Crypto Market Reports: October 23, 2023.