Market Analysis 01.10.2024

Despite rising geopolitical tensions in the Middle East and less optimistic statements from Fed Chairman Jerome Powell regarding the pace of interest rate cuts, financial markets are showing resilience.

Cryptocurrencies:

* Bitcoin continues to consolidate in the range of $63,000-65,500. September became a record month for the first cryptocurrency.
* Altcoins are showing stronger dynamics than Bitcoin. Ether strengthened above $2,600, and a number of altcoins from the top hundred showed growth of 8-12%.
* Bitcoin's market dominance continues to decline, indicating the growing popularity of alternative cryptocurrencies.

Traditional markets:

* US stock indices (S&P 500, Nasdaq) ended yesterday's session with growth, despite the negative background.
* Powell's remarks about slower rate cuts were seen by the market as a signal that a deep recession was not in sight.
* The situation in the Middle East does not yet have a significant impact on global markets.

Key factors:

* Bitcoin remains resilient above $63,000 support.
* Growing popularity of altcoins.
* Investor optimism about the global economic outlook.
* No escalation of conflict in the Middle East.

Forecast:

* Bitcoin is highly likely to continue consolidating within the specified range.
* Altcoins may continue to outpace Bitcoin in growth rates.

Additional information:

* Cryptocurrency market capitalization: $2.2 trillion.
* Fear and Greed Index: 50.

Note: This analysis is for informational purposes only and does not constitute investment advice.