By Samuel Indyk

Investing.com – Most major cryptocurrencies were trading higher on Monday with trading in close proximity to $62,000. Some of the most prominent meme-based coins saw outperformance, with trading up to 15% over the past 24 hours after retracing losses.

Performance of cryptocurrency monthly

After reaching its highest level in April, October proved to be a good month for cryptocurrency trading. Bitcoin reached an all-time high again and was at its best since then. Bitcoin saw a nearly 40% increase in value and had its largest monthly gain since December 2017.

The market capitalization of, the second-largest cryptocurrency in terms of market value, rose by approximately 43% in October.

Others cryptocurrencies that were compatible with Decentralised Financing (DeFi), smart contracts, and other cryptocurrencies are mixed. The third-largest cryptocurrency, at one time, was dubbed “Decentralised Finance (DeFi)” and lost more than 7% after falling 24% to its value in September. However, the losses came amid a run in August that saw the coin’s value more than double.

The value of a network that also has DeFi apps was slightly higher than Bitcoin or Ethereum, with the monthly increase at 43%

Although it gained slightly less during this month (up by 37%), this month was still the best-performing month since April when its dog-based cryptocurrency rose above 500% due to increased retail trading interest.

Shiba Iu, however, was the dominant coin in October. It rose nearly 830% in October as it climbed into the Top 10 Largest Cryptocurrencies by Market Cap, passing Dogecoin.

Outlook on cryptocurrencies

In the immediate term, focus could well fall on the key macro events in the US this week, including the   on Wednesday and Friday’s report. If the Fed is particularly cautious, it could limit the rally. This would be especially true if equity markets were to fall in response. Bitcoin could retest the record from 20 years ago if it is deemed dovish.^ThOctober

Technically, Bitcoin’s key resistance is the $62,300 to $62,500 zone. A break above this level could lead to $65,000, and then the new all-time high of just under $67,000.

Support is found at $61,300, the pivot point prior to the psychological $60,000 level.