October, historically known as a bullish month for Bitcoin, has begun with the flagship cryptocurrency recovering from an early dip below $63,000 to settle near $64,000. Despite recent volatility, BTC is riding on momentum from a strong September performance, positioning it for potential gains this month. Meanwhile, Ripple (XRP) and Dogecoin (DOGE) have seen losses, while altcoins like SUI, NEAR, and UNI are making impressive gains.
Bitcoin Kicks Off “Uptober” With A Recovery
Traditionally, September is a bearish period for Bitcoin, but 2024 proved an exception. Bitcoin defied expectations and posted its highest monthly gains in years, leaving many analysts now bullish on October, often dubbed “Uptober” by the crypto community due to its historically favorable trend for the asset.
Bitcoin reached a recent high of $66,500 over the weekend, its highest price in nearly two months. However, the cryptocurrency faced headwinds as the new week began. After falling to $64,250, the price dipped further, slipping below $63,000 earlier today. The latest bounce has brought Bitcoin back near $64,000, giving hope to traders that the bullish trend will continue as the month progresses.
With Bitcoin’s market capitalization currently sitting at $1.263 trillion and its dominance in the crypto market slipping slightly to 53.4%, the cryptocurrency faces stiff competition from rising altcoins.
Ripple, Dogecoin Struggle, SUI Shines
While Bitcoin is rebounding, Ripple (XRP) and Dogecoin (DOGE) have posted notable losses in the past 24 hours. XRP and DOGE saw declines of over 3%, extending a period of uncertainty for both assets. XRP’s downturn follows a tumultuous year for Ripple due to ongoing legal battles, while Dogecoin, which often trades in sync with broader market sentiment, has similarly faltered.
On the flip side, altcoins like SUI, NEAR, and UNI are showing strength. SUI has emerged as the top performer among the largest cryptocurrencies, surging 6% in the past 24 hours and hitting a multi-month high of $1.85. NEAR and UNI also posted gains of around 3%, signaling renewed investor interest.
Several smaller altcoins have seen even more significant increases. POPCAT, WIF, FTM, and HNT each surged by over 8%, adding to the excitement around the altcoin market. These gains have helped keep the total cryptocurrency market capitalization steady at around $2.37 trillion.
Also Read: Bitcoin Surges 9% In September – A New Trend Defying Redtember’s Historical Slump
Will Bitcoin Maintain Its Momentum?
With “Uptober” underway, all eyes are on Bitcoin’s next move. While the market has seen some consolidation, many expect BTC to regain its footing and push higher as the month progresses. However, resistance remains at key levels, and the volatility of altcoins may play a crucial role in shaping the market’s direction.
As Bitcoin works to hold onto its gains, traders are cautiously optimistic, awaiting whether BTC can live up to its historical reputation of strong October performances.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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