The Global Crypto Market Gains Bullish Momentum as “Uptober” Hype Builds
The global crypto market capitalization has reached a six-week high of $1.09 trillion, marking a bullish trend in what traders are calling “Uptober.” This surge comes after the total market cap dropped to $1 trillion, its lowest point in six months. Traders are optimistic that October will bring another bull run, as social volumes for terms like “Uptober,” “green,” and “Bitcoin 28k” have skyrocketed. These discussions mainly originate from Reddit and X (formerly Twitter).
Bitcoin (BTC) recently hit a six-week high of around $28,310 and is currently trading at $27,707. Its market cap stands at over $540 billion, with a 24-hour trading volume of $19.93 billion. Bitcoin’s dominance in the market is currently 49.7%.
Top Gainers: Bitcoin SV and eCash
Among the top 100 cryptocurrencies, Bitcoin SV (BSV) has seen the highest surge of 22.07% in the past 24 hours. BSV is trading at $38.77 with a market cap of over $746 million and a trading volume of $162 million.
eCash (XEC) takes second place among the top gainers with a 7.33% surge. It is currently trading at $0.00002678 with a market cap of $522.54 million.
The Role of Smaller Investors and Lower Volatility
Interestingly, the percentage of stablecoins’ supply held by whales has been consistently decreasing over the past month. This suggests that smaller investors may be the main drivers behind the recent bull run, potentially leading to lower volatility in the market.
Hot Take: Uptober Sparks Bullish Momentum in Crypto Market
The crypto market has experienced a surge in bullish momentum, with the global market capitalization reaching a six-week high. Traders are buzzing with excitement about “Uptober,” anticipating another bull run in October. Bitcoin’s recent price increase and dominance in the market further fuel this optimism. Additionally, Bitcoin SV and eCash have emerged as top gainers among cryptocurrencies. The decreasing percentage of stablecoins held by whales suggests that smaller investors may be playing a significant role in driving the market’s upward trend, potentially leading to more stability. Overall, Uptober is shaping up to be an exciting month for crypto enthusiasts.
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