In this video, Chris from Cheeky Crypto discusses the current state of the crypto market and provides his analysis and predictions for October 2023.
The total global crypto market cap is currently at $1.04 trillion, up 0.54% in the last 24 hours. Bitcoin’s price is at $26,747.02, and Ethereum’s price is $1,154.47, down 6.2% in the last 24 hours.
Trending and Biggest Losers
Chris notices a change in trending and biggest losers in the market. He is particularly concerned about Ethereum, citing security and centralization issues. He also points out that the Ethereum foundation has sold a significant amount of Ether, and that there are predictions that Ethereum may lose 40% against Bitcoin.
Ethereum vs. Cardano
Chris compares Ethereum to Cardano, discussing adoption trends. He believes that Cardano is gaining adoption more quickly than Ethereum, and that this could lead to a decline in Ethereum’s market dominance.
Bitcoin and October Predictions
Bitcoin is currently neither bullish nor bearish. Chris predicts that October could be a green month for Bitcoin, but that it is important to be cautious as the market is still volatile. He also discusses the potential impact of spot ETF approval on the market.
Chris also discusses the following news items:
- Warren Buffett is making money indirectly from cryptocurrency investments.
- Stablecoin Tether has promoted its Tech Chief to CEO position.
- The G20 has adopted an IMF and FSB synthesis paper on crypto regulation.
- There are concerns about global cryptocurrency regulation and potential future changes.
Chris concludes by reminding viewers that the crypto market is unpredictable, and that it is important to do your own research before investing.