According to the data from Coinmarketcap, Bitcoin surged about 5 per cent in the last 24 hours to 20,071.20, before trading at 19,960.36 at 14.00 hours IST.
Fall in bond yields, recovery in equity markets and signals of waning inflation sent the crypto markets higher. However, the tokens did not go soaring as fears over the worst are not yet over.
The volumes of Bitcoin traded surged about 30 per cent as the worst $31.7 billion exchanged hands in the last 24 hours, the data suggested. The total market cap of Bitcoin was hovering around the $390 billion mark.
Bitcoin entered October with a not-so-promising growth push, with its dominance hovering around 38.5 per cent, which was over 40 per cent earlier.
The trend is characterised by the fears investors have to accumulate at this point as economic headwinds put a scare on buyers in the preceding months, said market experts.
Historically, October is known as a better month for Bitcoin, Fuad Fatullaev, Co-Founder and CEO WeWay, a Web3 ecosystem said. “It represented the period when the price shot up in the two most notable run-ups to its all-time highs.”
In 2017, Bitcoin topped $19,000 level for the first time, whereas it scaled $68,000 levels in the November of previous year. Both rallies were ignited in October only.
At this time, it is hard to predict what will become of Bitcoin this October, although the lower volatile momentum it recorded can be an indicator of a good upward surge, said Fatullaev.
“Investors are ready with their cash, and many may take the plunge into the digital currency as soon as the conditions are clear,” he added.
Bitcoin was not the only token rising higher. Polygon, Ethereum Solana, XRP, Avalanche were trading 4-8 per cent higher. Among top 100 cryptos, other altcoins including Lido Dao, THORChain, Terra and Quant were up to 10 per cent high.
Edul Patel, CEO and co-founder of Mudrex said, “Bitcoin rose in line with equities as market participants opened their risk appetite to start a new quarter. If Bitcoin can continue the gains for the day, we might see higher levels soon.”
Bitcoin has emerged very strong, with prominent investment giants considering offering Bitcoin to retain investors and Microstrategy continuing with its bullish approach toward the world’s oldest cryptocurrency, said Mahin Gupta, Founder, Liminal.
The rally in the crypto assets pushed the entire market cap of crypto assets close to $960 billion, whereas the traded volumes in the last 24 hours jumped 13 per cent. Popular trends of the industry were DeFi and Play to Earn.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
