The crypto market bloated to $2.1 trillion just as October started, with ethereum and bitcoin both recording gains so let’s take closer look at the latest altcoin news today.
Bitcoin as the largest cryptocurrency by market cap increased from $40,996 on September 29 to a new high of $38,436 a day ago. Most of the gains happened in a half-an-hour window but since hitting its level, BTC Declined slightly to the current price of $47,606. Bitcoin’s increase yesterday morning followed Ethereum which is the second biggest cryptocurrency that had increased by about 11% a few hours earlier. Ethereum hit highs of $3315 this morning before sinking to $3228.
September turned into REKTember very quickly😭😔
Good thing UPtober & MOONvember is near 😎 🚀 pic.twitter.com/omyMdHd8vb
— CoinMarketCap (@CoinMarketCap) September 28, 2021
The entire crypto market bloated under the success of these two coins and now the global market cap is around $2.1 trillion according to the data. It’s good to remember that China’s latest ban on crypto forced many of the Chinese traders to move into decentralized finance and according to the journalist Colin Wu, most of them moved to DYDX whose coin increased by 90% a week ago.
Uptober is real, let the light of the bull mood shine into your life! #bitcoin
— Lark Davis (@TheCryptoLark) October 1, 2021
The second big news came from the US after the US FED Jerome Powell said that, unlike China, he has n intention of banning crypto. Powell said that he will treat stable coins differently and added that the stablecoin issuers should be treated like banks:
”Stablecoins are like money market funds, they’re like bank deposits, but they’re to some extent outside of the regulatory perimeter. And it’s appropriate that they be regulated. Same activity, same regulation.”
In the future nobody will know what the word October means bc it will have been replaced in common parlance with Uptober
— Zhu Su 🔺 (@zhusu) October 1, 2021
The FED chair’s comments were not enough however to stop the markets from rising but in crypto, changes can happen fast. As recently reported, After a few days of making gains, BTC calmed down a bit around the $48K price point and some other alternative coins kept increasing. Solana surged 8% and Terra also increased to a new all-time high after a 20% daily increase. The rest of the alternative coins were on a roll over the past few days after the mid-week price drops and ETH even dipped to $2900 thanks to the Chinese FUD. ETH has Reclaimed more than $500 since then and now stands at the $3400 price point.
Cardano fell hard as well and broke below $2 but now ADA stands nearly at $2.3 with Binance Coin reclaiming $430 after a 4% daily increase. Minor gains were seen from Ripple, Dogecoin, Uniswap, and Polkadot. Solana resumed the bull run lately with an 8% surge to above $170 but TErra is still the biggest gainer from the larger cap altcoins with a huge 20% jump. Terra’s LUNA marked a new ATH a few hours ago and now stands at $45.
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