BTC is not the only thing! The global cryptocurrency market is soaring, and new highs are popping up like mushrooms after rain
According to CoinDesk data, this Friday (October 27), BTC's upward momentum has spread to the entire cryptocurrency market, with various sectors recording gains. #BTC
In the past week, BTC prices have risen by more than 14%. Despite hitting a new yearly high of $35,000, it has not broken through the price barrier and is currently trading around $33,700. Similarly, the CoinDesk Market Index (CMI) has risen by 14%.
Among digital assets, the strongest performing sector was the CoinDesk Computing Sector (CPU), an index that tracks protocols that build and support Web3 and distributed computing infrastructure. The CPU sector gained more than 17%, driven primarily by Chainlink (LINK) and Fetch.AI (FET) tokens.
Even the weaker performing decentralized finance (DCF) and digital digitization (DTZ) sectors are up more than 7% for the week, highlighting the breadth and depth of the cryptocurrency market rally.
The cryptocurrency market is booming, with prices of pepe (PEPE), Chainlink, Injective Protocol (INJ) and other currencies soaring#PEPE #INJ
Notable top-performing cryptocurrencies include the controversial meme pepe (PEPE), which has seen a 76% increase in price after its token destruction. In addition, Chainlink has seen a price increase of more than 44%, benefiting from the tokenization trend of real-world assets. It is also worth mentioning that the native token (INJ) of the financial-focused Injective Protocol has risen by as much as 58% after its token upgrade in August this year.
The "October Myth" of the Cryptocurrency Market
Cryptocurrencies have been performing strongly over the past week, while the U.S. stock market has been performing rather poorly. Coinbase analysts David Duong and David Han noted that BTC has been up 4.3 standard deviations relative to the previous three months, while the S&P 500 and Nasdaq have fallen by nearly 2.5 to 3.0 standard deviations over the same period.
“This huge difference partly reflects the deterioration of the macro trading environment in contrast to the unique circumstances of BTC,” the report states.
ByteTree founder Charlie Morris says the "October Myth" has come true
In a market update on Friday, Charlie Morris, founder of ByteTree Investment Advisory, noted that the “October Myth” has become a reality.
He noted that the tech-heavy Nasdaq fell despite gains in bitcoin and gold, suggesting that investment was shifting away from the growing U.S. tech giants.
“Big tech companies are expensive, and after disappointing earnings this week, the sector’s growth rate no longer justifies its high valuations,” he said. “While they can make room through cost cuts, real growth should come from sales, not costs.”
"This marks the end of an era, and investors in the technology sector should consider a shift in investment direction."