As a seasoned crypto investor with over a decade of experience navigating the volatile waters of the digital asset market, I must admit that the recent uptick in major cryptocurrencies has brought a sigh of relief. The market’s resilience in the face of geopolitical turmoil is nothing short of remarkable. It seems like every time the world decides to play a game of global hot potato, our beloved Bitcoin and Ethereum shrug it off and keep marching forward.
Despite geopolitical conflicts causing a downturn in the cryptocurrency market, these digital currencies tried to recover ahead of the start of October’s weekend.
On October 4th, the values of significant cryptocurrencies, as well as the overall market cap of digital assets, experienced a rise of approximately 2%. Notable players such as Bitcoin (BTC) and Ethereum (ETH) showed signs of recovery by increasing in price. Around $36 billion was invested in Bitcoin, which pushed its value above $62,300 and resulted in a 3% increase. Ether’s price rose by 4%, reaching over $2,400, while Solana (SOL) moved closer to $145, according to CoinGecko.
On Solana, memecoins such as Gigachad (CHAD), Michi (MICHI), Popcat (POPCAT), and dogwifhat (WIF) experienced a significant increase over the past day or so, as the market showed signs of growth leading up to the weekend. These tokens saw gains between 20% and 40%.
Weekly green close uncertain for crypto
Despite minor corrections, the daily price increases failed to fully counteract the downturn caused by the military conflicts in the Middle East. In just a few hours, various global economies and assets collectively lost hundreds of millions due to Iran’s missile attacks on Israel.
The resulting pullback fixed the total cryptocurrency market cap in a red candle on the weekly timeframe. Digital assets had cumulatively closed in green for three consecutive weeks during September, a month usually bearish for cryptos.
History backs green Q4
To reach its level at the end of last month, the total digital asset market needs to grow by about 8%. Many experts believe that the crypto market could see a rise soon. Interestingly, if Bitcoin closes September with a positive monthly candle (an increase), it has historically had a bullish October for the past three years. Additionally, in nine out of the last eleven instances, the asset has increased during the first month of the third quarter, regardless of the previous month’s price movement.
Since 2013, on average, Bitcoin’s price has risen by 22%, 46%, and 5% in the last three months of each year.
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2024-10-04 23:24