‘Uptober’ Falters as Bitcoin and Ethereum Slip, As Solana Struggles to Climb Ahead
Key Points
- The ‘Uptober’ sentiments are fading as the crypto market is grappling with macro pressure.
- The bitcoin price is $108,050.93, and the market cap touched $2.15 trillion.
- ETH price is around $3,845.59 and has decreased by more than 6% in the last week.
- The SOL registered a price decrease of more than 10% in the past week.
- The investors are moving towards de-risking amid the uncertainties.
- The macro caution is dominating as the investors await the upcoming inflation data release.
The ‘Uptober’ sentiments are fading amid the crypto market gloom that followed the reignition of geopolitical tensions between China and the U.S. As the crypto market continues to reel under macro pressure, all the leading crypto tokens are feeling the brunt. Both Bitcoin (BTC) and Ethereum (ETH) are tumbling as the inventors remain extra cautious.
The BTC and ETH are having a Sluggish Run Amid the Macro Uncertainties
At press time, the bitcoin price is $108,050.93, and the market cap touched $2.15 trillion. The 14-day Relative Strength Index (RSI) stands at 40, suggesting a neutral position. The moving averages, on the other hand, are sending strong sell signals.
The current bitcoin price is below the 10-day Exponential Moving Average of 110,080. The token failed to hold the key support level of $113k earlier, exacerbating the bearish sentiments. The price has decreased by around 4% in the past week. The only green shoot is the inflows into the Exchange Traded Fund recorded on October 21. The ETF net inflows reached $477.20 million yesterday.
It is worth noting that the BTC tumbled into dire straits following the record crypto market crash that wiped out 19 billion leveraged positions after hitting an all-time high of $126k earlier this month, riding on Uptober sentiments.
Historically, BTC has made gains 10 times in the past 12 years, giving rise to bullish optimism around the October month popularly called the ‘Uptober’ sentiments. The following table illustrates the BTC’s historical price fluctuations for October.
| Year | Price Fluctuation |
|---|---|
| 2024 | 10.76% |
| 2023 | 28.52% |
| 2022 | 5.56% |
| 2021 | 39.93% |
| 2020 | 27.70% |
| 2019 | 10.17% |
| 2018 | -3.83% |
| 2017 | 47.81% |
| 2016 | 14.71% |
| 2015 | 33.49% |
| 2014 | -12.95% |
| 2013 | 60.79% |
Following the BTC’s lead, which has around 60% market dominance, the crypto market was earlier predicted to have a renewed momentum in October. Contrary to the optimism, the crypto market was shaken amid the unexpected macro challenges, such as a looming threat of a tariff war between the world’s two largest economies, a prolonged U.S. government shutdown, and the political turmoil that followed.
Ethereum price is around $3,845.59 at the time of writing this article. The price of the world’s second-largest cryptocurrency has decreased by more than 6% in the last week. The market cap has touched $465.87 billion. The ETH has failed to hold the Fibonacci support level 3,882.3. Nevertheless, it should be emphasized that the ETH ETF marked $141.70 million in net inflows.
The Solana Struggles to Climb up as the Altcoins Season Index Remains Neutral
The altcoins were not spared from the record market crash and grim season that followed. The popular altcoins continue to reel under mounting macro pressure. The popular coin Solana (SOL) is priced at around $184.46 at the time of writing. The price has decreased more than 10% in the past week, and the market cap has touched 100 billion.
The token is selling below the 100-day Simple Moving Average. Both the market oscillators and the moving averages are inclined to the bearish territory, enhancing the selling pressure. The other popular tokens, such as Ripple-backed XRP, Tether (USDT), and Dogecoin (DOGE), are not faring any better. The ongoing government shutdown further delayed much-awaited ETF approvals from the SEC, dampening investor confidence.
The investors are moving towards de-risking amid the uncertainties. Additionally, the U.S inflation data release is about to happen on Friday, enhancing macro anxiety. The upcoming inflation data release will be the next biggest test for the fragile crypto market.
Crypto & Blockchain Expert