After a brief decline in token prices, a crypto market recovery appears to be taking shape, with most indicators hinting at the same.
After a steep dip on October 3, Bitcoin is back on an upward trajectory, helping create a crypto market recovery. With most experts and analysts crediting the geopolitical tensions in West Asia for the global decline in markets, the path ahead is uncertain. However, Bitcoin’s rebound could be a sign that the fundamentals are still robust in crypto.
Other crypto indicators in the market are also in the green. Most of these crypto indicators hint that BTC will hold its support at $60,000 in the near term. If it does so, the market may take a cue to go further up. Meanwhile, mentions of ‘Uptober’ have been popular in social media, which translates towards an upward trend in the crypto market in the month of October.
While this trend is creating hype among traders and investors, the trajectory for the crypto market will likely continue to depend on macroeconomic events. Among other tokens, ETH also experienced a dip but has experienced a steady recovery since then. In the last 24 hours, tokens like DOGE, TRON, TON, and ADA have also gone up.
The last few days have also witnessed a spike in volatility in the crypto market. This may
continue in the current market conditions.
BTC/USD 1D price chart
Bitcoin is currently trading at around $61,100 on October 4, 2024, with BTC/USD trading higher by a margin of around 1% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 60,000), as BTC’s 24-hour volume was at approximately $34.7 billion. The global crypto market cap increased by around 0.1%, trading above $2.1 trillion. BTC’s year-to-date returns are above 45%.
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