‘Uptober’ Boosts Crypto Market: Ethereum Trades Above $4.5K, Bitcoin Nears $124K
Key Points
- Ethereum is trading above $4.5K, and Bitcoin is trading near $124K after hitting an all-time high on October 5.
- Both the flagship coins have strong fundamentals backing their popularity.
- The institutional interests remain intact for both with heightened ETF inflows.
- The investors are advised to exercise caution as the cryptocurrency market remains highly dynamic.
The optimism of October being a strong month for the crypto market, generally called ‘Uptober’, is proving to be valid as the market is booming with flagship coins such as BTC and ETH experiencing an upward momentum. Ethereum is trading above $4.5K, and Bitcoin is trading near $124K after hitting an all-time high on October 5.
Bitcoin Nears $124K After Hitting the All-Time High of $125K
Driven by the increased institutional inflows into ETFs and the perception of BTC as a hedge asset amidst the uncertainties created by the US government shutdown, the world’s largest cryptocurrency hit its all-time high on October 5. The BTC surged to $125K riding on the optimism around October, which is regarded as the month when BTC becomes stronger, the sentiment is popularly called “Uptober”. The dominant digital currency had an uptrend 10 times in the past 12 years in October.
After briefly flirting with the record highs, as of October 6, the token is currently trading around $124,015.43 with a market cap nearing $2.47 trillion. The BTC experienced resistance at $125K, as the traders locked in the price surge. Despite the slide, the overall market sentiment remains bullish. The 24-hour trading volume surged by 7.25% to reach $58.88B. The BTC is perceived as a safe-haven asset often referred to as “digital gold” amid heightened macroeconomic uncertainties. The technical indicators are backing a bullish run. The 14-Day RSI stands at 69.93, showing investor confidence and optimism. The dominant cryptocurrency is trading above its 200-day Simple Moving Average (SMA) of $ 104,903.
The Fear & Greed Index value of 71 indicates the greed state, further reinforcing market optimism and confidence in BTC. The institutional interest remains the driving force pushing the prices up. The BTC spot ETFs saw $3.24B inflows last week.
Ethereum Trades Above $4.5K Backed By Strong Bullish Sentiments
Second-largest cryptocurrency, Etherium, is trading near $4.5K. The flagship coin’s market cap is nearing $ 550.33 billion. The Bullish sentiment is backed by heightened institutional activities. The ETH ETFs recorded $1.3B ETF in inflows last week. Despite the slight dips, crypto traders and investors remain optimistic as it is perceived as consolidating before breaking out. On the technical side, the ETH is trading above its 200-day Simple Moving Average (SMA) of $ 3,103.30 and 50-day SMA of $ 4,331.24. The 14-day Relative Strength Index (RSI) stands at 56.72, indicating a moderately bullish sentiment. Fear & Greed Index of 74 suggests a greed state.
Can BTC and ETH Sustain an Upward Momentum?
The legacy data shows that October is a favourable time for the world’s leading currency, and the optimism around ‘Uptober’ heightened when Bitcoin hit the all-time high on October 5.
Experts predict a rally in the upcoming week, with the price hitting a range of $ 125,000 to $ 132,000. As for ETH, an upward momentum is expected, with the price reaching around $ 4,900.
Both the flagship coins have strong fundamentals backing their popularity. The institutional interests remain intact for both with heightened ETF inflows. Moreover, BTC is further garnering attention as a hedge asset amid the U.S government shutdown. Besides, currently, the crypto market has a market cap nearing $4.24 trillion. Despite the upward momentum, the investors are advised to exercise caution as the crypto market remains dynamic.
Crypto & Blockchain Expert