Price analysis 10/19: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, BSV

Crypto market sentiment appears to be improving across the board and the global push to mainstream central bank digital currencies is also making headway. 

In China’s Shenzhen province about 2 million people had applied for the digital yuan giveaway and the lucky 50,000 among them received “red envelopes” of digital yuan totalling $1.5 million.

By the end of Oct. 18 about 47,573 of the recipients had spent roughly $1.3 million of the bounty, amounting to 88% of the total giveaway. This suggests that the pilot program was a success and shows that China is far ahead of other developed economies in developing their central bank digital currency..

To speed up the process of launching its CBDC, the Bank of Canada recently listed a job opening for an economist with thorough knowledge of financial technology and digital currencies.

However, U.S. Federal Reserve Chair Jerome Powell seems unfazed by the progress other countries are making with CBDCs. According to Powell, “it’s more important for the United States to get it right than it is to be first.”

Daily cryptocurrency market performance. Source: Coin360

In other news, a survey by Statista shows that only 7% of Americans have used or owned Bitcoin (BTC).

This figure is far less than Nigeria where the penetration rate is 32%, but also higher than Germany and Japan. This shows that the asset class has a long way to go before it can truly become a ‘mainstream’ currency.

Currently, the bearish sentiment that dominated the markets for the past month appears to be alleviating as Bitcoin price moves closer the the $12K level.

Let’s study the charts of the top-10 cryptocurrencies to spot the ones that may perform well in the short-term.