Despite ongoing geopolitical tensions, the cryptocurrency market showed resilience as it bounced back ahead of Octoberâs first weekend. Major players like Bitcoin (BTC) and Ethereum (ETH) led the charge, with BTC climbing 3% to over $62,300, and ETH surging 4% to top $2,400. Meanwhile, Solana (SOL) saw a notable jump of 5.6%, inching closer to $145. In total, the digital asset market cap swelled by more than 2% on Oct. 4, thanks to a $36 billion inflow, signaling renewed investor confidence.
This rebound wasnât limited to the big names. Memecoins, especially those on the Solana network, joined the rally with remarkable gains. Tokens like Gigachad (CHAD), Michi (MICHI), Popcat (POPCAT), and Dogwifhat (WIF) saw their prices surge between 20% and 40% over the past 24 hours, riding the wave of the broader market recovery. These sudden spikes in meme tokens illustrate the high-risk, high-reward nature of the cryptocurrency space, especially when market sentiment shifts.
đ„ Can Cryptos Keep Up the Momentum?
However, the marketâs future remains uncertain, as the recent price upticks barely offset the steep losses caused by military escalations in the Middle East. On Oct. 3, Iranâs missile attacks on Israel sent shockwaves through global markets, with cryptocurrencies losing hundreds of millions in value within hours. Despite this, digital assets had closed in the green for three straight weeks during Septemberâusually a tough month for cryptos. Now, many are wondering if the market can extend this streak into October.
Looking ahead, analysts remain cautiously optimistic. Bitcoin, in particular, has a history of bullish performance in Q4. In nine of the last 11 years, BTC has surged during October, with average gains of 22%, 46%, and 5% during the final quarter since 2013. This year, with BTC closing September on a positive note, thereâs potential for another October rally. Yet, for the overall market to recover fully, an 8% increase is needed to regain last monthâs highs.
As the market attempts to shake off the lingering effects of geopolitical conflict, traders and investors are keeping a close eye on whether cryptos can maintain their momentum. With Bitcoinâs history of strong year-end performance, many are betting that the final quarter of 2024 could bring another surge, potentially pushing the market to new heights. Stay tunedâthis could be the beginning of a bullish breakout.
