Cryptocurrencies showed signs of bouncing back from recent market turmoil as October began. Despite geopolitical conflicts affecting global markets, major digital assets such as Bitcoin and Ethereum saw a positive trend on October 4th. Bitcoin’s price surpassed $62,300 with a 3% increase, while Ethereum rose by 4% to over $2,400. Solana also made gains, nearing $145 according to CoinGecko.
The market surge also benefited meme coins, particularly those on the Solana network. Tokens like Gigachad, Michi, Popcat, and dogwifhat experienced significant spikes of 20%-40% within 24 hours. This upward movement came after a period of uncertainty following military tensions in the Middle East, which triggered a market pullback.
Although the weekly close for cryptocurrencies remained uncertain, historical data suggested a positive outlook for the market in the coming months. Experts pointed to the trend of Bitcoin performing well in October after a green monthly close in September. In fact, Bitcoin has historically seen price increases in the final quarter of the year, with an average growth of 22%, 46%, and 5% from October to December since 2013.
Looking ahead, the digital asset market would need an 8% recovery to reach the previous month’s levels. Despite recent challenges, the potential for a market rise in the near future remains high. Bitcoin’s past performance in October, coupled with the overall bullish trend in the final months of the year, indicates a positive outlook for the cryptocurrency market as we head into the last quarter of 2021.
