The month of October has ended with much of the crypto market registering double digital gains. However, Bitcoin has once again come out at the top as the undisputed winner.
Bitcoin Ends Uptober With 41% In Gains
As per the latest weekly report from Arcane Research, BTC has ended the month of October with 41% in gains, the most out of any crypto indices.
To get an overview of the overall crypto market performance, the report separates coins into different indices, and shows the collective performance of each of these indices for the month.
Based on the market cap of the different cryptocurrencies, coins are put into the small cap, mid cap, or large cap indices.
Here is a table that shows how much percentage of the total market cap each of the top ten coins occupy:
Looks like BTC is responsible for the largest share of the market cap | Source: The Arcane Research Weekly Update - Week 43
As the above table shows, Bitcoin’s market cap share currently stands at 43.76%, and it’s significantly greater than Ethereum at 2nd with 19.35%.
Dogecoin’s cousin, the Shiba Inu, has slipped into the top ten list this month and it’s at 9th place at the moment, ahead of DOGE at tenth. The two coins have been fighting for the ninth place spot on the list since a few days ago, but currently SHIB seems to have taken some lead. Combined, both the memecoins account for 2.81% of the total crypto market cap.
Now, below is a chart that shows how the different crypto indices performed in the month of October:
BTC performs the best in Uptober | Source: The Arcane Research Weekly Update - Week 43
The graph reveals that the month was very strong for Bitcoin as its gains stood at 41%, greater than any other index.
The large cap index finished in second with 39% gains, followed by small cap coins at 37%. Through much of the month, the small cap index remained close to the mid cap cryptos that ended up with 26% in growth.
Related Reading | Dog Dump: Shiba Inu And Dogecoin Down More Than 20% In Three Days
However, these small cap coins had a strong push towards the end of the month thanks to the metaverse mania that followed from Facebook’s Meta announcement.
At the time of writing, Bitcoin’s price floats around $63.7k, up 3% in the past week. Over the last thirty days, the crypto has accumulated 32% in gains.
Below is a chart that shows the trend in the price of BTC over the past five days.
Bitcoin's price has surged up in the last twenty-four hours | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research