What to Know:
- Bitcoin rallies to over $120,000, following a significant drop to under $109,000.
- BNB sets a new all-time high, breaking into uncharted territory at over $1,100.
- Zcash leads in weekly gains with a 170% increase, reaching a three-year peak of over $150.
In a dynamic arena like the crypto market, a week can make a significant difference. Bitcoin, the leading cryptocurrency, is evidence of this unpredictability. Last week, in the aftermath of a Federal Reserve interest rate cut, BTC rallied to a high of $118,000 only to tumble nearly $10,000 to a multi-week low of under $109,000.
Despite this setback, Bitcoin’s critical support level held firm, providing a launchpad for the bulls to mount a comeback. With the onset of the new week, they initiated a spectacular rally, propelling BTC northwards by about $6,000 to $115,000. Following a minor correction to $113,000, the bulls regained control, driving the crypto higher in the following days and peaking at just over $121,000. This surge marked Bitcoin’s highest value in over seven weeks.
As it stands, Bitcoin has maintained its position above $120,000 and has appreciated more than $10,000 since last Friday, placing it tantalizingly close to a new all-time high. Meanwhile, BNB made its own record-breaking stride, crossing the $1,100 mark for the first time.
The past week’s top performer, however, was Zcash. The privacy-focused token surged by a staggering 170% to a three-year high of $150. Other altcoins, including ETH, SOL, DOGE, HYPE, SUI, XLM, also posted double-digit gains, as shown in the chart below.
As of writing, the total market cap stands at $4.230 trillion, with a 24-hour volume of $200 billion. BTC dominance is currently at 56.7%, with its price at $120,350, marking a 9.8% increase. ETH and XRP have also shown promising growth, at $4,460 (+12.14%) and $3.03 (+9.4%), respectively.
In other news, MicroStrategy has announced a new Bitcoin acquisition, pushing its total holdings to over 640,000 BTC. Metaplanet also made a large purchase, acquiring 5,268 BTC and increasing its total to 30,823.
Despite the US government shutdown due to legislative disagreements among Democrats and Republicans, the crypto market showed no adverse reaction. Instead, the first week of ‘Uptober’ started with a bang, with significant price upticks across the board.
With the stock market expected to crash, according to Robert Kiyosaki, Bitcoin emerges as the only real hedge. As gold’s appeal increases, evident from Warren Buffet’s recent endorsement, BTC’s correlation with gold suggests a potential late November surge.
The current Bitcoin bull run differentiates from previous ones, as it’s backed by a growing number of long-term holders and institutions, indicating a deepening of institutional adoption in the crypto market.
In conclusion, the week has been bullish for the crypto market, with BTC, BNB, and Zcash leading the charge. As we look to the future, the market’s unpredictability remains its only certainty, underscoring the importance of staying informed and strategic in our crypto investments.
