Crypto Market Updates (Sep – 30): Is the Crypto Market Up or Down Now? Can the Rally Continue?
Key Points
- The crypto market rose by 1.52% in the past 24 hours, nearing a market cap of $3.92 trillion.
- The leading cryptocurrencies and popular altcoins have shown recovery and are rallying.
- Crypto experts are expecting the rally to continue, given that macroeconomic conditions and technical indicators remain positive.
Amidst increased whale activity and institutional re-entry, the crypto market is rising today, touching $3.92 trillion. The leading cryptocurrencies and popular altcoins have shown recovery and are rallying after a tough September. Crypto experts are expecting the rally to continue in October, given that macroeconomic conditions remain healthy and the technical indicators continue to be positive.
The Crypto Markets Rising Today: Leading Cryptocurrencies Follow Uptrend
The crypto market is rising today as the tumultuous September is about to end. The crypto market rose by 1.52% in the past 24 hours, nearing a market cap of $3.92 trillion. The Fear & Greed Index has shifted from fear to neutral, suggesting that investor confidence is recovering. The 14-day Relative Strength Index (RSI) has moved to neutral from a near bearish stance. The leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have rebounded from the price plunges following the $1.6 billion worth of crypto liquidations. The rally is backed by positive technical signals and robust institutional support.
Bitcoin is Leading the Way
The world’s largest cryptocurrency, BTC, is leading the market rally with a valuation of $114,256.88. The price has increased 2.12% in the last 24 hours. The overall 24-hour trading volume surged more than 60% reaching $60.51 billion. The BTC is trading above its 200-day Simple Moving Average (SMA) of $ 104,380. The market sentiment is bullish, and experts predict that the prices will go up in the upcoming week.
Etherium and Other Altcoins Rebound
The rebound of BTC is followed by other leading cryptocurrencies as well. The Altcoins have risen, and the Fear & Greed Index has shifted from fear to neutral. Ethereum has risen 1.84% within 24 hours and is now priced at around $4,196.36. The ETH Exchange Traded Funds (ETFs) inflows have rebounded, showing a strong institutional interest. The altcoins are also experiencing an upturn. The popular altcoin XRP is trading around $2.88; the price has increased by 0.76% in the past 24 hours. Both ETH and XRP are trading above the 200-day Simple Moving Average ( SMA).
Can the Rally Continue?
The current recovery and the cryptomarket surge are supported by increased institutional investments and positive technical indicators. Reports of blockchain integration with the SWIFT payment mechanism, a supportive regulatory environment, the SEC streamlining of the ETF approval process, increased whale activity, and anticipations regarding a strong October are driving the upturn.
Whether the rally continues depends on several factors, such as how the market responds to the $22 billion worth of options expiring and the larger macroeconomic signals in the upcoming weeks. Crypto experts are predicting an upturn as the liquidity is high in the market. A state of higher liquidity, lower interest rates favour risk-taking and are ideal for the emerging markets, such as crypto. On the other hand, if the economy slows down, the investors’ risk appetite will decrease. Historically, October has been an upturn month for the crypto market, but investors need to remain cautious as the crypto market is highly volatile.
Crypto & Blockchain Expert