BTC Returns on the Green Track
The past week (especially its final days) was not positive for the primary cryptocurrency, whose price briefly dipped below $109,000. Over the weekend, the bears remained in charge, but several hours ago, the bulls managed to reverse the trend and BTC charted a substantial green candle. Its valuation spiked to as high as $112,300 before stabilizing at the current $112,000 (per CoinGecko’s data).
The recovery could extend into the ongoing week if upcoming economic events deliver positive results. These include employment data in the United States, as well as other labor market statistics. The Federal Reserve closely monitors reports of that type and takes them into account when deciding its interest rate policy.
Meanwhile, numerous industry participants and bullish analysts are optimistic that October may bring additional gains for Bitcoin. Their main argument is that historically, this has been a very strong month for the crypto industry in general, often referred to by the community as “Uptober.”
Following the latest revival, Bitcoin’s market capitalization has increased to $2.23 trillion, while its dominance over altcoins remains relatively unchanged at approximately 56.4%.
HYPE Leads the Altcoin Rally
The second-biggest cryptocurrency -Ethereum (ETH) – climbed by 3% over the past day, surpassing $4,100 and thus registering a similar rise to BTC. However, many other well-known altcoins have performed much better.
HYPE – the native token of the decentralized exchange Hyperliquid – surged by 7% and is inching towards $48. Ripple’s XRP pumped by 4$ to $2.90, whereas Binance Coin (BNB) reclaimed the milestone of $1,000 after a 4.4% daily increase.
Within the top 100 cryptocurrencies, only a handful posted slight losses in the past 24 hours, including TRON (TRX) and Plasma (XPL). The total market capitalization of the sector has spiked by 2.5 and stands at roughly $3.96 trillion.
