October started on a bullish observe for the crypto market as Bitcoin and altcoins added a complete of $170 billion in a day. The vast majority of the crypto market surged in double digits with BTC main the cost with a ten.62% surge, rising from a day by day low of $42,860 to a day by day excessive of $47,668.
The general crypto market cap additionally surged by practically 10% to develop above $2 trillion once more. At the moment, the overall crypto market cap stands at $2.08 trillion. The value enhance comes practically after a month-long consolidation for the crypto market as September once more proved to be a bearish month. Nonetheless, October has began on a bullish observe as predicted by many market pundits and analysts consider it might result in the second leg of the bull run the place Bitcoin and different altcoins might publish new ATHs.
Bitcoin earlier reclaimed its 21-week EMA and broke previous its month-to-month excessive of $41,470-$47,100. A breakout above this vary might push the highest cryptocurrency within the sub-$50K zone.
— Rekt Capital (@rektcapital) October 1, 2021
Bitcoin Eyes $50K, Altcoins Make Vital Positive aspects
Bitcoin after breaking the important thing resistance of $47,000 now set its eyes on $50K, breaking which $55K can be the following goal. The highest cryptocurrency began the month of September at $53K however misplaced practically 20% of its market all through the month.
Ethereum broke previous the important thing resistance of $3,100 and at present buying and selling at $3,246 with its eyes set on $3,500 as the following key resistance. The altcoin was already gaining bullish momentum with a flip above $3,000 earlier right now. The second-largest cryptocurrency has surged over 8% right now and would possibly comply with on the footpath of $BTC.
The crypto market might now look to reclaim the misplaced beneficial properties from the Might-July cycle and September cycle. With Bitcoin Futures ETF is predicted to additionally get handed in October, and act as a catalyst to hold the bull market additional.