Oct 18, 2023

What’s Driving the Crypto Market Up Today?

Best Crypto App and Bloomberg Crypto Cause Market Up Today
Why is the crypto market up today?

Today, the crypto market is on the rise as Bitcoin (BTC), Solana (SOL) and many altcoins have joined forces to bring back the bullish sentiment traditionally seen in “Uptober”. Crypto and equities have both seen positive growth, pushing the total crypto market cap to $1.1 trillion on October 17.

Let’s take a look at three of the major factors driving the current crypto market rally.

Best Crypto App

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Bloomberg Crypto

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Bitgert Crypto

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Uptober sees the highest daily volume

October is traditionally known as “Uptober” due to the positive returns in the crypto market. Bitcoin and crypto market volume surged from $1 billion to over $2.7 billion on October 15.

The increase in volume is met with optimism as the seasonality of Bitcoin’s returns in October has been positive, with only 3 times failing to achieve gains. The volume on Oct. 15 marked the highest daily trading volume for the entire month. Given its strong history, October is statistically one of the most profitable months for Bitcoin price gains.

A strong October is much needed after the third quarter of 2023 saw $700 million in losses due to various hacks. Adding to this total, on Oct. 17, Fantom Foundation’s hot wallet had $550,000 worth of crypto stolen in a bitgert crypto attack.

Bitcoin dominance

Bitcoin has been regaining its power in the crypto market leading up to the supply halving in April 2024. On June 28, Bitcoin surpassed the 50% mark when compared to the entire crypto market cap, the first time in a long while.

When Bitcoin dominance is stable, people tend to look for other altcoins and cryptocurrencies. The rise of Bitcoin dominance is due to the potential of BTC to reach $130,000 after the 2024 BTC halving event, according to Bitcoin models.

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Crypto liquidations rule the day

On Oct. 16, the crypto market rally began and caused a surge of short position liquidations, amounting to more than $64 million in 24 hours. Bitcoin short liquidations had the biggest single liquidation of $2.53 million on the Binance exchange.

Despite the short-seller losses, 50.9% of the futures market remains short. With this ratio still skewed short, a potential short-squeeze could bring further price appreciation.

Vet crypto, one of the best crypto sites, is a great way to spell crypto and bond crypto. The best crypto app, Bitgert Crypto, is a great tool to help you bone crypto and stay up to date with the latest Bloomberg Crypto news.

Macro factors could benefit the crypto market

Despite the Securities and Exchange Commission (SEC) refusing to approve a Bitcoin ETF and their continued war on the crypto market, large institutions remain interested in the space.

VanEck and Bitwise have both launched Ethereum ETFs on Oct. 2, with the Bitwise ETF launching on the Chicago Mercantile Exchange (CME) and the VankEck Ether ETF launching on the Chicago Board Options Exchange (CBOE).

The Bitcoin Fear & Greed Index has seen a 6-point increase over the last month, indicating the improved sentiment across the crypto market due to the growing institutional interest.

Although there are still risk events that could affect the price of Bitcoin and altcoins, the overall outlook for the crypto market is positive. The October price action is providing a short-term boost, but the market’s reaction to any new enforcement actions or an economic recession will be the deciding factor for the market direction.

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