Crypto Trends in October 2022
It’s October! What's trending in crypto this month?
Ethereum PoS: One Month On
It’s been almost one month since Ethereum (ETH) transitioned to a proof-of-stake (PoS) consensus method, so what’s happened since and how’s the network faring? Well, prices haven’t exactly skyrocketed - in fact, ETH is down by about 20% over the past 30 days! However, many analysts predicted a ‘teething period’ wherein Ethereum would take some time to adjust to the new consensus method, so be patient.
One notable knock-on effect of the merge is a significant drop in the price of GPUs used for mining, which are now in far less demand. While Ethereum Classic (ETC) - along with the newly created Ethereum fork ETHW - enjoyed a sudden spike in hashing power following the merge, this too has tapered off as more and more miners shut down their unprofitable operations.
Hope on the Horizon for BTC?
Bitcoin (BTC) has been trading horizontally for several weeks now with little sign of movement in either direction. Crypto analysts seem at odds in their predictions, with some calling for an imminent bull run while others expect more losses to the downside. At this point, even the most bullish of analysts wouldn’t mind a further dip - just to see some action!
However, hope is on the horizon. Based on previous Bitcoin cycles, late October or early November is approximately the position where Bitcoin should ‘bottom out’ and begin a reversal to the upside. If history repeats itself, we could be seeing some positive growth for BTC starting from next month.
Crypto Scams on the Rise
Crypto scams are on the rise again as the market struggles to adapt to new regulatory measures. Phishing scams, in particular, have become a popular way for hackers to steal user credentials and break into crypto accounts. This increasingly common hacking method uses realistic-looking emails or websites to trick users into passing over their personal information, which is then used to access accounts.
Always be sure to double-check where an email originates from or verify that the website you are visiting is genuine. It’s best practice to bookmark the correct website address and only ever use your saved bookmark when visiting the site - this way you won’t be tricked into visiting a fake website.
DISCLAIMER
This content does not constitute investment advice, financial advice, trading advice or any other type of advice and should not be considered as such; zondacrypto does not recommend buying, selling or owning any cryptocurrency. Investing in cryptocurrencies involves a high degree of risk. There is a risk of losing invested funds due to changes in cryptocurrency exchange rates.
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