Journalist
Sead Fadilpašić
Journalist
Sead Fadilpašić
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The crypto market is up today, with the cryptocurrency market capitalization rising by 1.4%, now standing at $4.22 trillion. Around 30 of the top 100 coins have appreciated over the past 24 hours. At the same time, the total crypto trading volume is at $193 billion.
TLDR:
Crypto Winners & Losers
At the time of writing, 9 of the top 10 coins per market capitalization have increased over the past 24 hours.
Bitcoin (BTC) appreciated 1%, currently trading at $119,909.
Ethereum (ETH) is up by 1.5%, now changing hands at $4,467. It is again among the best performers.
Binance Coin (BNB) is the category’s highest gainer, having increased by 4.9% to $1,090.
It’s followed by Solana (SOL), with an increase of 2.1%. now trading at $229.
On the other hand, Dogecoin (DOGE) is the only red coin. It decreased by 0.3% to $0.256.
When it comes to the top 100 coins, about 30 coins recorded decreases. Of these, two saw double-digit drops: MYX Finance (MYX) and DoubleZero (2Z). These are down 41% and 10.7% to $9.07 and $0.5397, respectively.
On the green side, the two best performers are Aster (ASTER) and Aptos (APT). They’re up 10.8% and 5.4% to $1.88 and $5.13, respectively.
Meanwhile, Nomura Holdings is working to expand its presence in Japan’s digital asset market. Its wholly owned subsidiary, Laser Digital Holdings, is seeking a license to offer trading services to institutional clients. Switzerland-based Laser is in pre-consultation talks with Japan’s Financial Services Agency.
‘Bitcoin’s Strength Is Structural, Not Seasonal’
Gadi Chait, Head of Investment at Xapo Bank, said that October has historically been a bullish month for BTC. “Early signs suggest this year may be no exception.”
Bitcoin has averaged 14.4% gains in October since 2013 and has demonstrated resilience in early October this year, recovering from an intraday dip to $114,000 on the 1st to trade near $118,700-$118,900 by the 2nd, with intraday highs touching $119,500.
Moreover, Chait says, “even the U.S. government shutdown that began at the start of the month, the first since 2018-2019, which furloughed over 90% of SEC staff and left the CFTC operating with skeleton crews of 5-6%, hasn’t derailed momentum, showing how resilient Bitcoin has become of late.”
“Far from being a speculative outlier, Bitcoin continues to show its ability to defy the odds and assert itself as a digital asset with staying power. For long-term investors, the trend is clear, Bitcoin’s strength is structural, not seasonal.”
Bitunix analysts commented that the political standoff in the USA is causing potential economic data delays, including the key jobs report on Friday. This “forces markets to rely on substitutes, intensifying volatility.”
From the crypto market perspective, they argue, if BTC breaks above 121,000, liquidation pressures could reach $650 million. On the downside, the 112,000 and 108,000 areas form layered support zones.
“The recent sharp rally has already hit an area of dense liquidity, suggesting possible near-term consolidation. Investors are advised to stay cautious and closely monitor liquidation clusters, which highlight potential resistance and support levels,” they conclude.
Levels & Events to Watch Next
At the time of writing on Friday morning, BTC trades at $119,909. The price saw an increase from the intraday low of $118,416 to the intraday high of $121,044. It has decreased slightly since this daily high.
Notably, Bitcoin’s market capitalization also rose to $2.37 trillion, surpassing Amazon’s value.
The support levels now stand at $117,000, $113,500, and $106,900. On the other hand, the resistance target is now $124,600, followed by $128,000 and then $130,000.
Ethereum is currently trading at $4,467. The price saw a brief dip to the intraday low of $4,358 before jumping to the high $4,549, pulling back slightly after that.
The coin could now climb further to $4,550 and then $4,750 before working towards the $5,000 mark. Conversely, it could drop below $4,300 and $4,100.
Meanwhile, the crypto market sentiment keeps increasing within the neutral zone. The crypto fear and greed index jumped to 57, compared to yesterday’s 51. This is also a notable rise from the fear zone’s 34 seen five days ago.
There is an obvious increase in optimism as October begins, as prices rally once more.
ETFs Remain in Green
The US BTC spot exchange-traded funds (ETFs) saw a fourth consecutive day of significant inflows, with $627.24 million on Thursday. The cumulative net inflow now stands at $59.07 billion.
Of the 12 ETFs, seven saw inflows, and there were no outflows. BlackRock is at the top of this list again, with $466.55 million, followed by Fidelity’s $89.62 million.
The US ETH ETFs also recorded inflows of $307.05 million on 2 October for the fourth day in a row. The cumulative total net inflow is now at $14.19 billion.
Seven of the nine finds saw positive flows, and none noted negative flows. BlackRock leads this list with $177.11 million in inflows, followed by Fidelity’s $60.71 billion.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) missed its deadline on Canary’s spot Litecoin ETF. Furthermore, the regulatory agency is phasing out the 19b-4 filings in favor of S-1s, which only adds to the confusion surrounding ETF approval timelines.
Moreover, a shutdown of the federal government is complicating matters even more, as many insiders have commented.
Quick FAQ
- Why did crypto move with stocks today?
The crypto market has increased over the past day, and major stock indexes closed higher for a fifth straight session on Thursday. By the closing time on 1 October, the S&P 500 was up by 0.062%, the Nasdaq-100 increased by 0.37%, and the Dow Jones Industrial Average rose 0.17%. Notably, the US government shutdown will delay the release of economic data, including the jobs report.
- Is this rally sustainable?
For now, the prices are poised to rise, whether in the short-term, long-term, or both. A pullback is expected and typical for the market. Analysts don’t think we’ll be seeing a bear market yet.
