Cryptocurrency prices mix as the new week begins, with Bitcoin trading below the $ 48,000 level. The flagship cryptocurrency by market cap surged by roughly $ 2,500 in a matter of minutes on Friday, October 1 and was trading around $ 48,000 for most of the weekend, having spent more than a week earlier in the lower $ 40,000. .
Today, Monday, October 4, the global crypto market capitalization is $ 2.10 trillion, an increase of 0.46% over the last day. The total volume of the cryptocurrency market during the last 24 hours is $ 99.33 billion, which represents a decrease of 15.37%, according to CoinMarketCap.
The price of Bitcoin was trading at $ 47,612.31, down 0.70% during the intraday. His dominance was 42.44%, an increase of 0.12% during the day.
Ether, the currency linked to the Ethereum blockchain and the second-largest cryptocurrency, was trading 1.82% lower at $ 3,347.29. Cardano’s price also saw a 4.41% drop, settling at $ 2.17, while Dogecoin also dropped marginally to $ 0.2145. The performance of other crypto tokens, including XRP, Litecoin, Steller, has also been mixed in the last 24 hours.
Cryptocurrency prices were hit on several fronts in September, including a tightening of regulatory oversights in China. On September 24, the cryptocurrency market around the world was nervous about China’s imposition of a general crackdown on cryptocurrencies, and the Evergrande crises also contributed to a sharp decline in the cryptocurrency market. As a result, the entire cryptocurrency market lost a streak in terms of monthly performance in September, which left Bitcoin trading around the lowest level of $ 40,000.
However, Bitcoin is currently trading at $ 47,667.35, and other major cryptocurrencies are also showing renewed strength in their performances. Such a positive trend began on Friday in October, after the announcement in El Salvador that the nation began mining Bitcoin using volcanic energy and Federal Reserve Chairman Jerome Powell stated that the United States has no plans to ban cryptocurrencies.
Some traders pointed to Powell’s comments to the House Financial Services Committee on Thursday, September 30, as a catalyst that led to the current optimism for cryptocurrency prices. Other traders also recognized the start of the fourth quarter on Friday as another supporting factor when investors sometimes reset 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. On the contrary, the fourth quarter has often had good results and the expectation that the trend will continue this year may turn into a self-fulfilling prophecy. We may see new all-time highs in the fourth quarter, especially as on-chain data, particularly in the case of Bitcoin, seems to indicate potential for a strong continuation of the bull market, ”stated Lykke.
Lykke further mentioned that markets also took note of how little China’s reinforced crackdown on digital assets affected Bitcoin’s price action, indicating that investors have strong, long-term confidence in BTC’s strength in this market. moment.
Meanwhile, Ruud Feltkamp, CEO of cryptocurrency trading robot Cryptohopper, also stated that Bitcoin performs historically well in October and poorly in September.
“At Cryptohopper, we are preparing for the large influx of traders due to the next bull market that we expect. My prediction is that we will see a new ATH this month, or at least close to the current ATH. After which, we enter the final phase of this bull cycle, ”illustrated Feltkamp.
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