October began on a bullish note for the crypto market as Bitcoin and altcoins added a total of $170 billion in a day. The majority of the crypto market surged in double digits with BTC leading the charge with a 10.62% surge, rising from a daily low of $42,860 to a daily high of $47,668.
The overall crypto market cap also surged by nearly 10% to grow above $2 trillion again. Currently, the total crypto market cap stands at $2.08 trillion. The price boost comes nearly after a month-long consolidation for the crypto market as September again proved to be a bearish month. However, October has started on a bullish note as predicted by many market pundits and analysts believe it could lead to the second leg of the bull run where Bitcoin and other altcoins could post new ATHs.
Bitcoin earlier reclaimed its 21-week EMA and broke past its monthly high of $41,470-$47,100. A breakout above this range could push the top cryptocurrency in the sub-$50K zone.
— Rekt Capital (@rektcapital) October 1, 2021
Bitcoin Eyes $50K, Altcoins Make Significant Gains
Bitcoin after breaking the key resistance of $47,000 now set its eyes on $50K, breaking which $55K would be the next target. The top cryptocurrency started the month of September at $53K but lost nearly 20% of its market throughout the month.
Ethereum broke past the key resistance of $3,100 and currently trading at $3,246 with its eyes set on $3,500 as the next key resistance. The altcoin was already gaining bullish momentum with a flip above $3,000 earlier today. The second-largest cryptocurrency has surged over 8% today and might follow on the footpath of $BTC.
The crypto market could now look to reclaim the lost gains from the May-July cycle and September cycle. With Bitcoin Futures ETF is expected to also get passed in October, and act as a catalyst to carry the bull market further.