Originally published on: October 15, 2024
The crypto market experienced a significant surge on Oct. 15, propelled by a positive response to China’s stimulus package and a rebound in US equities, igniting hopes for a strong October performance.
In the past 24 hours, the total crypto market capitalization surged by 2.2% to hit $2.3 trillion. Both Bitcoin and Ether saw gains of around 2.5% and 3.8%, respectively, contributing to the overall market performance.
The rally in the crypto market mirrors the strength observed in US equities, with the S&P 500 reaching a new all-time high and showing a month-to-date increase of approximately 2.6%. This upward trend underscores the impact of the surge in the valuation of major US-listed companies.
The excitement surrounding tech and artificial intelligence further boosted market sentiment, notably pushing Nvidia’s stock price to an all-time high. This positive development is expected to benefit tokens in the AI sector and other cryptocurrencies as well.
Markets are also closely monitoring the upcoming Federal Reserve decision following the Federal Open Market Committee’s meeting on Nov. 6 and Nov. 7. While expectations of a rate cut have decreased, the Fed’s decision is likely to influence market dynamics in the coming weeks.
The recent surge in spot Bitcoin ETF inflows and increased institutional demand for crypto investments demonstrate growing bullish sentiment among traders and investors, reflecting the market’s optimistic outlook.
From a technical perspective, the crypto market’s total capitalization is positioned within a bullish flag pattern, signaling a potential continuation of the uptrend. A breakout above key resistance levels could pave the way for further gains in the market cap.
As investors navigate the evolving landscape of the crypto market, it is essential to conduct thorough research and risk assessment before making investment decisions. Stay informed on market trends and developments to make informed choices in an ever-changing market environment.
