Crypto Price Today: Bitcoin, Ethereum And More Win, Experts See October As Green For The Market

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Cryptocurrency prices are mixed at the start of the new week, with Bitcoin trading below the $ 48,000 level. The flagship cryptocurrency by market cap rose by around $ 2,500 in minutes on Friday, October 1 and was trading around $ 48,000 for most of the weekend, having spent more than a week previously in the lower $ 40,000.

Today Monday, October 4, the global crypto market cap is $ 2.10 trillion, an increase of 0.46% from the last day. The total volume of the cryptocurrency market over the past 24 hours is $ 99.33 billion, down 15.37%, according to CoinMarketCap.

The price of Bitcoin traded at $ 47,612.31, down 0.70% on the day. His dominance was 42.44%, an increase of 0.12% on the day.

Ether, the coin linked to the Ethereum blockchain and the second largest cryptocurrency, was trading down 1.82% to $ 3,347.29. Cardano’s price was also down 4.41% to $ 2.17, while Dogecoin also edged down to $ 0.2145. The performance of other crypto tokens including XRP, Litecoin, Steller is also mixed over the past 24 hours.

Cryptocurrency prices were hit on several fronts in September, including tighter regulatory controls in China. On September 24, the crypto market across the world was rocked by China’s imposition of a general cryptocurrency crackdown, and the Evergrande crises also contributed to a sharp decline in the crypto market. crypto. As a result, the entire crypto market lost a monthly performance streak in September, which left Bitcoin trading around the lower $ 40,000 level.

However, Bitcoin is currently trading at $ 47,667.35, and other leading cryptocurrencies are also showing renewed strength in their performance. Such a positive trend began on Friday, October, after the announcement in El Salvador that the nation has started mining Bitcoin using volcanic energy and Federal Reserve Chairman Jerome Powell declaring that the United States had no no intention to ban cryptocurrencies.

Some traders pointed to Mr. Powell’s remarks before the House Financial Services Committee on Thursday, September 30, as a catalyst that led to the current rise in crypto prices. Other traders also recognized the start of the fourth quarter on Friday as another supporting factor when investors occasionally reset their portfolios.

Ulrik Lykke, founder of crypto / digital asset hedge fund ARK36, recently spoke about the current performance of cryptocurrencies and said that the digital asset market benefits from both seasonality as well as market fundamentals. generally positive.

“Historically, September has often been a red month for digital asset markets. Conversely, the fourth quarter was often a strong performer and the expectation for the trend to continue this year can become a self-fulfilling prophecy. It is possible that we will see new all-time highs in Q4, particularly as on-chain data, particularly in the case of Bitcoin, seems to indicate potential for further bull market, ”Lykke said.

Lykke further mentioned that the markets had also noted how little China’s heightened crackdown on digital assets had affected Bitcoin’s price action, indicating that investors have solid and long-term confidence in the strength. of BTC at the moment.

Meanwhile, Ruud Feltkamp, ​​CEO of crypto trading bot Cryptohopper, also said that Bitcoin historically performs well in October and poorly in September.

“At Cryptohopper, we are preparing for the massive influx of traders due to the next bull market that we are expecting. My prediction is that we are going to see a new ATH this month, or at the very least close to the current ATH. After that, we enter the final phase of this bull cycle, ”illustrated Feltkamp.

Image source: Shutterstock

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