Some of the leading altcoins are seeing some green this Sunday. Solana (SOL) is leading the pack with a 5% price jump. The total market capitalization of the crypto market currently stands at $1.1 trillion, CoinGecko data shows.
Historically, October has been a fruitful month for Bitcoin, which on average gains 12% during that month.
This periodic trend in Bitcoin’s performance has prompted analysts to suggest that the flagship cryptocurrency could be poised for a rally.
Historically, October + November are the best performing months for #Bitcoin. pic.twitter.com/JvNKqrZFlZ
On the first day of October, Bitcoin is showing some resilience with a slight increase of 0.6%, standing at $27,114.
The cryptocurrency is maintaining its colossal market capitalization of $528 billion. However, it is still down more than 60% from its peak.
Meanwhile, Shiba Inu (SHIB) is walking on thin ice despite a minor uptick of 1.2% in the last 24 hours which has pushed its price to $0.00000742.
In spite of this minor recovery, it is teetering on the brink of falling out of the top 20 cryptocurrencies, holding a market cap of $4.35.
This stagnant performance comes after the mainnet launch of the Shibarium Layer-2 solution, which is struggling to pick up steam with a minuscule 20,000 transactions per day.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
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