Bitcoins adds $124 billion to its market cap since the start of ‘Uptober’
Bitcoin (BTC) has rallied over 10% this week as institutional demand continues to rise, supporting the narrative that September lows are usually followed by strong upward movements.
Indeed, historical data shows that October tends to deliver high returns for the cryptocurrency (over 20% on average), earning the month its signature “Uptober” nickname.
The situation this year is particularly interesting, as the Bitcoin price has been propped by more than favorable macroeconomic conditions, including the U.S. government shutdown following a failure to pass a funding bill on Wednesday, October 1.
Given all the positive factors that are coinciding together, it is not surprising that “digital gold” has seen a noticeable increase in valuation over the past few days. Indeed, since the beginning of the month, Bitcoin market cap has climbed up from $2.276 trillion to roughly $2.40 trillion at press time, Friday, October 3, as per CoinMarket Cap. That marks a $124 billion, or nearly 5.5%, increase.
At the time of writing, BTC is trading at approximately $120,280, up a modest 0.60% on the daily chart.
Bitcoin on a run
With the $120,000 level reclaimed, investor confidence is also rising, particularly in the exchange-traded funds (ETF) sector. For instance, BlackRock alone saw $446 million in inflows on Thursday, October 2.
Large-holder activity has also been noteworthy, as whales have bought over 30,000 Bitcoin BTC in 48 hours, worth about $3,6 billion.
Further appetite could, of course, drive the momentum further, extending the rally to potentially new all-time highs (ATH) in the final quarter. Accordingly, Citigroup raised its year-end targets for the asset to $132,000.
However, maintaining the $120,000 level will be critical. Immediate resistance sits at $122,000, just below the August 14 ATH of $124,474. Conversely, a slip below $120,000 could potentially lead to further losses at $117,000 and temporarily stall the rally.
Featured image via Shutterstock
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SUI Eyes 528% Upside: Key Breakout Levels From $1.34 to a Potential $6.70 Target
Wall Street sets a positive tone for the long-term prospects of AI; the Fed's interest rate path for October remains uncertain! Cooling US Treasury yields open a window for tech sector rebound?
Waller’s series of speeches at the IMF reinforced the view that cutting-edge AI technology will fundamentally reshape the economy in the long term, but he did not commit to a pause in rate hikes in October. For global semiconductor stocks, which have recently experienced heavy sell-offs and entered a correction phase, the positive aspect is that he did not further intensify short-term rate hike expectations.
Tesla's sports car can really fly!
Tesla's second-generation Roadster was unveiled at the SpaceX test site, marking a significant debut nine years after pre-orders first began in 2017. Mass production is scheduled for 2028. The new vehicle features a fan suction system and compressed air thrusters, enabling genuine "flight." Elon Musk confirmed that this will be Tesla's last model to support manual driving. Analysts predict that sales of 7,000 units in the first year could generate nearly $2 billion in revenue, with extremely high profit margins being its core commercial value.
Earnings season is here! Citadel Securities: The next few weeks will be the real stress test for U.S. stock fundamentals
The US stock market enters Q3 earnings season, with market expectations for S&P 500 earnings per share to grow 27% year-over-year, marking the third highest threshold ahead of earnings seasons since 2010. However, the growth is highly concentrated—Micron and Nvidia alone contribute 36% of expected gains. Retail investors’ weekly net buying surged to $9.1 billion, with semiconductor purchases reaching a historic peak. Citadel Securities warns that index volatility has fallen to its calmest range in nearly 30 years, while individual stock risks are quietly rising, making stock picking preferable to simply increasing index allocations.
Crypto prices
More
