After reaching 70% of the market dominance, the bitcoin continued to lose momentum in the middle of October. Its dominance ranged around 65% and the Ethereum gained 8.5% of the total market capitalization over that month. The information is from the Transfero Swiss research team and it is stated in a monthly report published on Medium.
Despite this scenario, the end of that month was marked by a strong rise in the price of the main cryptocurrency, which rose again with a return of 40% in one day.
The cryptocurrency also presented a negative correlation in the month with Chainlink, a project that recently stood out with its innovative idea of creating a data connection between one user and different blockchains.
The LINK, an ERC-20 token, was created to remunerate network node operators for data formatting to be accepted by a blockchain and off-chain data acquisition.
Bitcoin purchase volume in October
In the statistical analysis based on the price of the bitcoin, the report highlighted the correlation between Ripple (XRP) and Bitcoin Cash (BCH), of -0.45. That is to say, when two assets have negative correlation they move in different directions. This draws attention in such a correlated environment like the crypto.
In the month, the high volume of bitcoin purchases when it reached US$ 7,400 suggests a long-term bullish trend recovery.