CoinGecko, one of the leading cryptocurrency price and data analysis websites, published its October report on the cryptocurrency industry. In the crypto money report published by CoinGecko, it is seen that important statements about the market, monthly performances of crypto coins and data on which cryptocurrencies change the dominance in the market.
Star Crypto Coins of October
The cryptocurrency market appears to have achieved significant growth in October. However, as can be predicted, Bitcoin is the leading coin of this growth. BTC saw an increase of 27% in October, while Ethereum, right behind it, is up 7.3%. Another noteworthy factor is the 0.7 percent decline in XRP in October. Among the top 10 cryptocurrencies, the biggest rise after BTC is Bitcoin Cash with 15%, followed by Chainlink with 14%.
Of course, although there are projects that earn more proportionally in the whole cryptocurrency sector, it is seen that BTC, BCH, LINK, ETH and XRP are among the crypto currencies with high market value.
What Is The Reason For Bitcoin To Rise?
Bitcoin increased the market dominance by 4.5% in October to 67.5%, a performance that has not been seen for months. So what is the reason why Bitcoin is rising so fast on both price and market dominance? CoinGecko also shared the announcement of the report it prepared with the Koin Bulletin and stated that it attributed the rise of the Bitcoin price to several different factors. According to the CoinGecko team, the Bitcoin price started to rise just as the “DeFi craze” was beginning to end. The reason behind this rise was the support of companies such as PayPal, Square, and DBS Bank for Bitcoin. ”
DEX vs. CEX
During this period, it seems that the competition not only between altcoins but also between exchanges. While decentralized exchanges (DEX) swept the market in July and August, it can be said that central exchanges such as Binance made a comeback in October. It is seen that the October volumes of the 7 largest decentralized and central exchanges experienced a total loss of approximately $ 90.5 billion. Binance and Huobi are hosting 78% of this loss.