Uptober?
The cryptocurrency market is having an excellent start to the fourth quarter of the year. As the first day of a new month, Bitcoin and the broader cryptocurrency market are performing well so far.Bitcoin’s price is up by nearly 10% over the past 24 hours. Its performance over the past few hours has seen it surpass the $45k resistance level and is now trading above $47k per coin. If Bitcoin can maintain this current momentum, it could rally past the $50k level in the coming hours or days.
This move is more organic than usual, in the sense that it is not led by leverage liquidation of shorts. In fact, less than $300 million has been liquidated, which is quite low. On the spot side, we have so far seen close to $500,000,000 worth of volume trade on Coinbase's BTCUSD pair alone.
State of the Alts
Altcoins have rallied off the back of BTC's rally today. Here's how the largest 10 alts have performed over the past 24 hours:
Thanks to Bitcoin’s latest rally and the altcoin catch up, the total cryptocurrency market cap has surpassed $2 trillion again.
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