Cryptocurrencies tried to ignore the market decline caused by geopolitical conflicts ahead of the first weekend of October.
Major cryptocurrencies and the total market cap of digital assets jumped 2% on October 4, as ecosystem leaders such as Bitcoin (BTC) and Ethereum (ETH) recovered prices by press time. Nearly $36 billion flowed into Bitcoin, pushing Bitcoin’s price above $62,300 and representing a 3% jump. A 4% rise in the value of Ethereum has pushed the price of ETH to over $2,400, while Solana (SOL) has risen to $145 per Gecko coin.
Memecoins rose, especially on Solana, as the market rose heading into the weekend. Tokens like Gigachad (CHAD), Michi (MICHI), Popcat (POPCAT), and dogwifhat (WIF) are up 20%-40% in the last 24 hours.
Weekly green close uncertain for cryptocurrencies
Daily price increases only slightly reversed the decline caused by the military clashes in the Middle East. Global economies and assets lost hundreds of millions in hours when Iran fired missiles at Israel.
The resulting pullback held the total cryptocurrency market cap at a red candle on the weekly time frame. Digital assets cumulatively closed in the green for three straight weeks during September, a typically bearish month for cryptocurrencies.
Date supports green Q4
The overall digital asset market would require an 8% rebound to reclaim last month’s close, and expert consensus suggests a crypto market rally could be coming. Bitcoin has enjoyed a bullish October the last three times BTC closed September with a green monthly candle. Nine out of 11 times, the asset rose in the first month of the third quarter regardless of price action in the previous month.
In fact, Bitcoin price increases have averaged 22%, 46%, and 5% in the last three months of each year since 2013.