There are two macro events this month, one coming October 13th, and the other coming October 28th. The critical event of the day was the highly anticipated US core inflation data. Forecasts point to rising inflation. Analysts say that in this environment, 4 altcoin projects require close monitoring.
Here are the events that will trigger big moves for the altcoin market
Cosmos (ATOM)
Cosmos was trending in September because of the Cosmoverse. It is a candidate to be in trends even in October, as the community expects exciting announcements.
Kava (KAVA) and dYdX (DYDX)
A new update, Kava 11, is expected to be released on October 26. This update will bring many innovations. Most analysts expect this update to be bullish for Kava and the Cosmos ecosystem in general. ATOM, KAVA and DYDX will be altcoin projects that will benefit from this event.
Chiliz (CHZ)
The world is preparing for the “Fifa World Cup”, which will start about a month from now. This news will first directly affect Chiliz. Chiliz is the most popular football-focused cryptocurrency. Although the analyst expects this news to be bullish, they expect the rise to be short-lived.
Important developments for the general cryptocurrency market
Finally, let’s take a look at the overall crypto market in October. In recent years, October has performed better than September in the macro market. For example:
- Even for Bitcoin, October was a better month than September.
- September saw record selling volumes and yet Bitcoin managed to stay above 18,000.
Also in October, not many bearish events:
- The Mt Gox lock has not yet been announced. There is a danger of panic selling (announcement day and distribution day). According to analysts, the date of its announcement requires close follow-up.
- Digital Funds Flows remain net positive even in a bearish month. This means that investors are selling crypto and holding stablecoins. A positive sign for market health.
Therefore, once Mt Gox is unlocked, if funds flow turns a net negative, it will signal a longer bear market. In other words, if the fund flow remains net positive in October, it is a strong buying indicator.
So why is the altcoin market down today?
- The most likely culprit of the day is a hotter-than-expected consumer price index (CPI) report, which showed consumer prices rose 0.4% in September.
- Consumer prices are now 8.2% higher than a year ago, according to Bureau of Labor Statistics data.
- The CPI report showed similar increases in other categories, with the core CPI rising 0.6% and 6.6%, respectively, when energy and food increases were removed.
- Meanwhile, nonfarm employment increased by 263,000 in September and the unemployment rate fell to 3.5%.
cryptocoin.comAs you follow, BTC price hit $18,319.82 on October 13. New data shows major investors are rapidly depositing Bitcoin (BTC) on exchanges
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