Crypto Market Ends September on a High Note, Indicating a Bullish October
Date: 2023-10-04 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, IN WORLD
The Positive September
The cryptocurrency market has wrapped up September with a positive outlook, defying expectations and setting the stage for a potentially bullish October. This uncommon occurrence has attracted the attention of market analysts and enthusiasts alike.
Data Confirms the Upward Trend
According to data from TradingView, the aggregate market capitalization of cryptocurrencies stood at approximately $1.029 trillion at the beginning of September. However, by the end of the month, it had surged by 6.1% to reach $1.092 trillion. This substantial increase in market capitalization has provided further evidence of the positive sentiment in the crypto market.
Optimistic October Forecast
Bitfinex Alpha recently published a report that supports the optimism surrounding the upcoming month of October. Historically, a positive September has often been a precursor to a bullish October, accompanied by increased volatility. The indicators in the futures market also suggest heightened volatility and potential growth, particularly on longer timeframes.
Steadfast Long-Term Investors
The report from Bitfinex Alpha reveals intriguing insights into the behavior of cryptocurrency investors. It highlights that experienced long-term investors are determined to hold onto their assets within the current price range. Bitcoins held for 6-12 months remain largely stationary, and supply from BTC wallets inactive for over three years has stayed dormant since February 2023.
