Uptober? Cryptocurrencies Bounce Heading Into Octobers First Weekend

Cryptocurrencies attempted to shrug off geopolitical conflict-driven market slump ahead of October’s first weekend.

Major cryptocurrencies and the total digital asset market cap jumped north of 2% on Oct. 4 as ecosystem leaders like Bitcoin (BTC) and Ethereum (ETH) staged price recoveries by publishing time. Almost $36 billion flowed into Bitcoin, pushing BTC’s price above $62,300 and marking a 3% jump. Ether’s 4% appreciation raised ETH to over $2,400, and Solana (SOL) edged toward $145, per CoinGecko.

Memecoins, especially on Solana, surged with the market upswing heading into the weekend. Tokens like Gigachad (CHAD), Michi (MICHI), Popcat (POPCAT), and dogwifhat (WIF) spiked 20%-40% in the last 24 hours.

Weekly green close uncertain for crypto

Daily price upticks only slightly reversed the plunge triggered by military altercations in the Middle East. Global economies and assets shed hundreds of millions in hours as Iran launched missiles into Israel.

The resulting pullback fixed the total cryptocurrency market cap in a red candle on the weekly timeframe. Digital assets had cumulatively closed in green for three consecutive weeks during September, a month usually bearish for cryptos.

History backs green Q4 

The overall digital asset market would require an 8% recovery to regain last month’s close, and expert consensus suggested a crypto market rise might be inbound. Bitcoin has enjoyed a bullish October the last three times BTC closed September with a green monthly candle. Nine out of 11 times, the asset has surged in Q3’s first month regardless of the previous month’s price action.

Indeed, Bitcoin has averaged price increases of 22%, 46%, and 5% in the final three months of every year since 2013.