Crypto Market Update - October 2020

Last updated: 2 weeks ago
3 mins read

October 2020 – Bitcoin showed who’s boss...

October 2020 has come to an end, and like each month the 100eyes team analyses what happened to Bitcoin and the altcoin market. In our previous monthly update (September) we concluded that September was one of the worst months for altcoins in the past years, very similar to March 2020 (the severe COVID-19 crash).

This month (October) we have seen Bitcoin make a massive run, gaining 29.5%! Bitcoin dominance skyrocketed and altcoins suffered. On average Bitcoin outperformed altcoins by 34% and only 14% of all altcoins had a positive month.

Noteworthy is the fact that Bitcoin was not affected by the usual sell-off in the weeks prior to the US elections. While DJI and NASDAQ took big hits, Bitcoin performed exceptionally well.

In the following chart you can see how October compared to the last twelve months of altcoin performance.

The top 5 performers in October were $MDA (+113.48%), $BQX (+42.07%), $BTC (+29.45%), $WAVES (+28.67%), and $LTC (+21.91%). Biggest losers were $BLZ (-46.39%), $DOCK (-47.02%), $BNT (-47.66%), $TOMO (-50.65%), and $FTM (-54.21%).

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