Cryptocurrency prices are mixed for the start of the new week, with Bitcoin trading below the $ 48,000 level. The flagship cryptocurrency by market cap rose about $ 2,500 in minutes on Friday, October 1st, trading around $ 48,000 for most of the weekend after spending more than a week in the bottom $ 40,000.
As of today, Monday October 4th, global crypto market cap is $ 2.10 trillion, up 0.46% from last day. The total market volume for cryptocurrencies in the past 24 hours is $ 99.33 billion, a decrease of 15.37% CoinMarketCap.
Bitcoin’s price was trading at $ 47,612.31, down 0.70% for the intraday. Its dominance was 42.44%, which is an increase of 0.12% over the course of the day.
Ether, the coin linked to the Ethereum blockchain and the second largest cryptocurrency, traded 1.82% to $ 3,347.29. Cardano price also saw a 4.41% drop to $ 2.17, while Dogecoin also fell marginally to $ 0.2145. The performance of other crypto tokens, including XRP, Litecoin, and Steller, has also been mixed in the last 24 hours.
Cryptocurrency prices were hit on several fronts in September, including tightening regulatory oversight in China. On September 24th, the crypto market around the world was rocked by China’s sweeping crackdown on cryptocurrencies, and the Evergrande crises also contributed to a sharp decline in the overall crypto market. As a result, the entire crypto market lost in terms of monthly performance in September, leaving Bitcoin trading around the bottom $ 40,000 mark.
However, Bitcoin is currently trading at $ 47,667.35, and other top cryptocurrencies are also showing renewed strength in their performance. One such positive trend started on Friday October, according to the announcement in El Salvador that the nation began mining bitcoin with volcanic energy, and Federal Reserve Chairman Jerome Powell specification that the US has no plans to ban cryptocurrencies.
Some traders cited Mr Powell’s remarks to the House Financial Services Committee on Thursday September 30th as a catalyst that led to the current surge in crypto prices. Other traders also saw the start of the fourth quarter on Friday as another supportive factor as investors sometimes rebuild their portfolios.
Ulrik Lykke, founder of crypto / digital asset hedge fund ARK36, recently spoke about the current performance of cryptocurrencies, saying that the digital asset market is benefiting from both the seasonality effect and generally positive market fundamentals.
“Historically, September has often been a red month for digital asset markets. Conversely, Q4 has often shown strong performances and the expectation that the trend will continue this year can become a self-fulfilling prophecy. It is possible that we will see new all-time highs in the fourth quarter, especially that on-chain data, particularly in the case of Bitcoin, suggests potential for a strong continuation of the bull market, ”Lykke said.
Lykke went on to mention that the markets have also taken note of how little China’s stepped-up crackdown on digital assets affected Bitcoin’s price action, suggesting that investors currently have robust and long-term confidence in the strength of BTC.
Meanwhile, Ruud Feltkamp, CEO of the crypto trading bot Cryptohopper, also stated that Bitcoin did historically well in October and poorly in September.
“At Cryptohopper we are preparing for the huge influx of traders due to the upcoming bull market that we anticipate. My prediction is that we’ll see a new ATH this month, or at least near the current ATH. Then we will enter the final phase of this bull cycle. ” Filzkamp illustrated.
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