The crypto economy ended the last week of October much as it began, characterized by violent price swings and the liquidation of leveraged positions. Bitcoin ( BTC) epitomized this volatility, with its weekly peak-to-nadir range exceeding $10,000. As shown by data, the top cryptocurrency kicked off the week trading around $111,000 and spiked to $116,381 on Oct. 27, marking its weekly high.
At the time of the peak, the cryptocurrency market and the broader crypto economy were buoyed by rumors of an imminent trade deal between the U.S. and China. These rumors eased fears of another costly trade war, similarly boosting global stock markets.
However, the fate of U.S./China trade relations was not the only issue influencing the crypto economy. BTC began declining ahead of the U.S. Federal Open Market Committee (FOMC) meeting. The slide continued after U.S. Federal Reserve Chairman Jerome Powell hinted that the FOMC might not cut rates in December as many are expecting.
By Oct. 30, BTC and the broader crypto economy had completely erased the gains made at the start of the week. Among high-cap altcoins, only BCH (9%) and HYPE (2%) recorded positive net gains for the seven days ending Nov. 2. The rest of these altcoins saw losses ranging between 1.5% and 7% during the same period.
Privacy coins continued to outperform the broader crypto market, with several posting double-digit gains seven days ending Nov. 2. Zcash (ZEC), a long-standing leader in the privacy space, surged to $443—its highest level in over seven years—overtaking Monero ( XMR) to become the top privacy coin by market capitalization.
RAIL and DASH both climbed 87%, while GAME (115%), ZK (105%), DLC (88.6%), and PIPPIN (87.8%) posted even stronger weekly gains, leading the pack.
On the downside, COAI was the week’s biggest loser, plunging 79.1%, followed by GIGGLE, which dropped 62.2%.
- Why was bitcoin so volatile last week? BTC swung over $10,000 amid trade deal rumors and U.S. rate uncertainty.
- Which top altcoins performed best? Only BCH and HYPE posted weekly gains, while most others declined.
- Did privacy coins follow the same trend? No, privacy coins like ZEC, Railgun, and Dash saw strong double-digit gains.
- Which coins lost the most value? COAI dropped 79.1% and GIGGLE fell 62.2%, leading the weekly losers.
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