Originally published on: October 15, 2024
The crypto market experienced a significant jump as investors brushed off concerns about China’s stimulus package and saw a recovery in US equities. This surge, which some are calling “Uptober,” has seen the total crypto market capitalization rise by approximately 2.2% in the last 24 hours, reaching $2.3 trillion.
Bitcoin and Ether also saw gains, with Bitcoin rising around 2.5% and Ether seeing a 3.8% increase. The strength witnessed in US equities, with the S&P 500 hitting a new all-time high, has contributed to this rally in the crypto market.
As excitement grows around tech and artificial intelligence, stocks like Nvidia hit new all-time highs, lifting market values and potentially impacting tokens in the AI sector and other cryptocurrencies.
Market participants are now looking ahead to the US Federal Reserve’s decision following the Federal Open Market Committee meeting scheduled for November. While expectations of a rate cut have decreased, the market remains optimistic about the potential for continued growth.
Institutional demand for crypto investments has also increased, with significant inflows into spot Bitcoin ETFs and continued bullish sentiment among traders and investors.
From a technical standpoint, the market cap of all cryptocurrencies is trading within a bull flag pattern, indicating a possible uptrend continuation. With resistance at the 200-day SMA, a breakout could signal further growth towards the chart’s technical target.
Disclaimer: This article does not offer investment advice. Readers are encouraged to conduct their own research before making any investment decisions.
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