The current situation on the cryptocurrency market in October 2024 is characterized by significant volatility. The market suffered significant losses at the start of the month, falling by around 8%, bringing the total market capitalization down to $2.2 trillion. In particular,#Bitcoindropped below $60,000 but has already reached above $61,000. This contrasts with the traditionally upbeat mood of October, known as "Uptober," which has brought significant returns for investors in past years.
Most analysts believe that the market is currently in a correction phase after excessive optimism, and the decline may continue. However, some traders are still hoping for a rebound in the second half of October, as has often happened in the past. The "fear and greed" index shows that investors are now more risk-averse, which may signal possible market fluctuations.
Among other cryptocurrencies, heterogeneous dynamics are observed. For example, Ethereum has also seen a slight drop, while some smaller coins like eCash have shown growth of more than 11% in the last 24 hours.
Hence, the market remains volatile and traders should be cautious in assessing risks and possible short-term opportunities. Most analysts advise to expect further fluctuations, especially in the second half of the month, when positive changes may occur.
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