Amidst the ongoing U.S. government shutdown that ignited short-term fluctuations in traditional markets, Bitcoin is witnessing a significant rally today along with Gold, continuing its status as a potential hedge against the uncertainties in the fiat economy. BTC surpassed $123K hours ago, and it is now trading at $122.5, just 1.6% away from the previous all-time high.
While BTC continues its surge, major altcoins such as Ethereum (ETH), Ripple (XRP), Solana (SOL), and Dogecoin (DOGE) exhibited low trading volume in the past 24 hours, mainly due to the shutdown-driven speculation regarding ETF delays. However, BNB, the native cryptocurrency of the BNB Chain ecosystem, achieved its all-time high of $1,190.35 today, contradicting the prevailing altcoin trend.
Bitcoin Boosts Its Dominance in the Crypto Market, Nears All-Time High
Bitcoin has increased its market dominance to 58.5% today, with the price witnessing more than 12% increase from the previous week. Experts consider this rally a result of multiple factors, such as the ongoing institutional adoption, the positive shifts in regulatory frameworks across the world, and the uncertainties in the fiat-driven global economy.
Economist Noelle Acheson observes that the current geopolitical uncertainty is higher than the uncertainty during the COVID-19 pandemic, and it has ignited a gradual pivot away from the US dollar towards global hard assets, which will help BTC move forward.
“In the coming run, momentum will be driven by both new and old drivers, which together can harness more kinetic energy than we have seen in previous cycles,” Acheson stated in a recent tweet.
Overall, BTC has a positive outlook among the crypto market observers, with major predictions ensuring its dominance. A recent report from JPMorgan analysts, which was led by its managing director Nikolaos Panigirtzoglou, has predicted a year-end target of $165,000 for Bitcoin, which demands more than a 40% surge from its market cap. However, the pessimistic forecasts deny it and expect a downward trend into $100K or even $80K.
XRP, LTC, SOL, & DOGE Face ETF-Related Uncertainties, BNB Achieves ATH
While BTC has already started the Uptober rally, major altcoins like ETH, XRP, LTC, SOL, DOGE, except BNB, continue the sideways trend. With the SEC delaying the Canary Capital ETF, which was about to meet the final decision on October 2nd, investors are skeptical about the approval of other ETFs scheduled for October. The delay was due to the limitations on staff during the U.S. government shutdown.
XRP, SOL, and DOGE also have ETF decisions scheduled for October, and the skeptical investors have detached from these assets. If the shutdown continues throughout October, we will witness these assets missing the Uptober rally, potentially stopping the budding altseason. Meanwhile, BNB is 8% up today, mainly due to the upgrades in its chain, participation of institutions, and the technical breakout.
ETF Momentum Still Alive Despite the Delays
Amidst the uncertainties related to the shutdown, various firms have filed for crypto-related ETFs today, including REX-Osprey and Direxion LETFs, and expect a fast approval with the new Generic Listing Standards (GLS). NavaDius Wealth’s president, Nate Geraci, stated that this is just the beginning, and more ETFs will be filed in the coming months.
“30+ crypto-related ETFs filed w/ SEC this afternoon…Just the beginning. Any crypto ETF you can possibly imagine will be filed w/ SEC over the next several months. You all have no idea what’s coming,” he tweeted.
Crypto Market Today: BTC & BNB Bullish, But Overall Neutral Sentiment
- Market Cap – $4.2 Trillion
- Fear & Greed Index – Neutral (59)
- Bitcoin Dominance – 58.2%
- Ether Dominance – 13.0%
- Crypto ETFs Net Flow – + $1.22 Billion
- Altcoin Season Index- 65/100
With the Fear & Greed Index aligning with Neutral (59), Bitcoin is nearing its all-time high. ETH is at $4,516, XRP at $3.02, SOL at $230.39, and DOGE at $0.2548, indicating a slower movement for major altcoins. Despite the shutdown-driven uncertainty in ETFs, the new filings today signify that the ETF momentum is still alive, and we will likely see altcoins exhibiting a significant surge in the coming months.