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October has barely started, and crypto markets are already surging as total capitalization hits a two-week high.
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Summarize with AI
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Around $165 billion has entered the crypto market over the past 24 hours, pushing total capitalization to $4.16 trillion, a little shy of its all-time high as digital asset momentum returns.
“Risk appetite is incredibly strong,” and at near record levels, observed the Kobeissi Letter, commenting on leverage equity exchange-traded funds.
That risk has extended to crypto markets as investors look toward the US central bank for another rate cut later this month, following mixed labor market data this week. Additionally, markets did not react to yesterday’s US government shutdown.
Bitcoin Leads The Charge
Around $475 million in short positions were liquidated over the past 24 hours, the majority of which were Bitcoin and Ether, according to Coinglass. BTC has led the charge today, surging to its highest level since mid-August when it started correcting from the all-time high.
The asset broke resistance and hit $119,400 during early trading in Asia on Thursday before a minor pullback to trade at $118,780 at the time of writing. Analyst ‘Daan Crypto Trades’ called it a “solid breakout” but cautioned that it could break down back to the $112,000 level.
He added that there could be “some potential choppiness where the breakout gets retested or something,” at the beginning of the month, but was bullish overall for October and the fourth quarter.
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“This is highly likely the beginning of a trending market for crypto,” said economist Alex Krüger, who added, “BTC ran through from $111k to $118k like a train, with a significant part of the move driven by short covering and spot buying.”
Yet still, none of the CoinGlass bull market indicators have flashed up yet, suggesting that there is still more fuel in the tank.
Analyst ‘Mr Anderson’ observed that Bitcoin has traded above $100,00 for 147 straight days. “Now? We’ve been holding six figures for nearly five months… and people have been acting like it’s a funeral,” he said.
Uptober Altseason Too?
The big market pump has also benefited the altcoins and renewed calls for altseason. Ether was up around 5.3% tapping $4,400 in a two-week high, while XRP closed at $3 following a similar gain.
Other altcoins notching greater gains today include Solana, Dogecoin, Cardano, Chainlink, Hyperliquid, Stellar, and Sui. Analyst ‘CryptoBullet’ observed that it is the highest that altcoin market capitalization (minus BTC and ETH) has reached on a monthly close for September.
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Source: https://cryptopotato.com/is-todays-165b-crypto-market-rally-the-start-of-a-massive-bull-run/
