The historically bullish month for bitcoin has begun and the asset recovered from its sub-$63,000 price dip earlier today to sit close to $64,000 now.
Ripple and Dogecoin have posted some notable losses over the past 24 hours, while SUI, NEAR, and UNI are well in the green.
BTC Enters Uptober
Although many expected September to be a bearish month for BTC, given its historical performance, the cryptocurrency actually closed the 30-day period with the most gains since records are being kept. As such, the community has now focused on October, which is the second most successful month for the asset.
Bitcoin’s gains during September peaked during the previous weekend when it jumped to $66,500. This became its highest price tag in almost two months, but it failed to maintain its momentum.
It lost some traction on Saturday evening and Sunday, but the actual correction arrived on Monday and Tuesday morning. At first, bitcoin slipped to $64,250, but the bears pushed it south further to under $63,000 earlier today.
It has managed to bounce off by about a grand but still trades under $64,000. This means that its market capitalization has declined to $1.263 trillion, while its dominance over the alts is down to 53.4% on CG.
Bitcoin/Price/Chart 01.10.2024. Source: TradingViewSUI Rises 6%
Most larger-cap alts have followed BTC with minor retracements today. BNB, TON, ADA, AVAX, SHIB, LINK, and BCH have all charted insignificant losses, but XRP and DOGE have dropped by over 3% daily.
In contrast, NEAR, UNI, FET, and AAVE have increased by around 3%. SUI has emerged as the top performer from the largest 36 alts, having gained 6% since yesterday. This has pushed its price to a multi-month peak of over $1.85.
Even more impressive gains come from the likes of POPCAT (11%), WIF (8%), FTM (8%), and HNT (8%).
The total crypto market cap has remained at essentially the same spot as yesterday at $2.370 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto