Cryptocurrencies are showing resilience amidst geopolitical tensions, with the market rebounding as the first weekend of October approaches.
On October 4, major cryptocurrencies along with the total market capitalization surged over 2%, led by Bitcoin (BTC) and Ethereum (ETH), which experienced notable price recoveries. Bitcoin saw nearly $36 billion inflow, pushing its price past $62,300, reflecting a 3% increase. Meanwhile, Ethereum appreciated by 4%, climbing above $2,400, and Solana (SOL) approached $145, according to market data.
In addition, memecoins experienced significant gains, particularly on the Solana network, as tokens like Gigachad (CHAD), Michi (MICHI), Popcat (POPCAT), and dogwifhat (WIF) surged by 20%-40% in just 24 hours.
Uncertain Weekly Close for Cryptocurrency
Despite the daily increases, the severe decline triggered by escalating military conflicts in the Middle East lingers. The initial missile strikes from Iran into Israel caused a substantial global economic fallout, with assets losing hundreds of millions swiftly.
This geopolitical turmoil has resulted in a red candle for the total cryptocurrency market cap on the weekly chart. September had previously seen a green close for three consecutive weeks, a period typically characterized by bearish trends for digital assets.
Historical Trends Favor Positive Q4
The digital asset market now faces the challenge of an 8% recovery to reclaim last month’s closing figure. However, expert opinions suggest that a bullish shift may be on the horizon. Historical patterns indicate that Bitcoin has performed well in October following a positive close in September, achieving gains in nine of the last eleven years regardless of previous month fluctuations.
Since 2013, Bitcoin has consistently averaged price increases of 22%, 46%, and 5% in the last three months of the year.
