- The global crypto market cap hits $1.13T with a 4.28% daily increase.
- Positive October price action provides a short-term crypto price boost.
The crypto market has faced a challenging year so far, with bearish trends dominating the charts. Enthusiasts and traders awaited an overall green chart in the market, and today marked an eventful shift as the bulls took control, pushing Bitcoin to the $30,000 mark and ushering in double-digit surges for various altcoins.
Notably, the global crypto market capitalization now stands at $1.13 trillion, marking a 4.28% increase over the past 24 hours. Moreover, the total crypto market volume in the last 24 hours has surged to $47.36 billion, a substantial 26.04% increase.
In the DeFi sector, the trading volume is currently at $2.38 billion, constituting 5.02% of the total crypto market’s 24-hour volume. Stablecoins are dominating the scene, with a total volume of $43.95 billion. It comprises 92.81% of the total crypto market’s 24-hour volume.
Meanwhile, the resounding news of Bitcoin crossing the $30,000 threshold has captured the community’s attention, as strong bearish forces had kept it at bay for two months. In the past 24 hours, BTC has surged by 5%, and its trading volume has seen an impressive 104% increase.
The world of altcoins has also displayed robust performance. Notably, XRP and Solana have seen significant increases of 8% and 10%, respectively, in the past 24 hours. Meanwhile, Bitcoin SV, Stacks, and Mantle have stood out as extraordinary performers. They had remarkable double-digit surges of 24%, 16%, and 12% during the same time frame.
This resurgence coincides with the popular belief within the crypto community that October is historically a favorable month for cryptocurrencies, particularly Bitcoin. Some have even affectionately dubbed it “Uptober.”
What’s Next in Uptober?
The crypto market rally kicked off on October 16, leading to a wave of short positions being liquidated across the market, totaling over $64 million in a 24-hour period. The largest single liquidation, amounting to $2.53 million, occurred on the Binance exchange in a Bitcoin short position.
Research indicates that crypto market is likely to continue experiencing price volatility. While the positive price action in October provides a short-term boost to crypto prices, the market’s reaction to new regulatory actions or an economic downturn will ultimately determine its direction.
Looking ahead to the end of Q4, there is optimism for a crypto market bull run. It is driven by the anticipated approval of Bitcoin ETFs and an upcoming Bitcoin halving event.
