The cryptocurrency market is experiencing a significant uptrend, with Bitcoin (BTC) breaking past $119,000 for the first time since mid-August, marking a 7-week high. This rally began after a bearish period where BTC dipped below $109,000 six days ago, but bulls intervened, leading to a steady climb. By early October, BTC reached $119,500, though it slightly corrected to around $119,000 at press time. Its market capitalization now stands at $2.370 trillion, with dominance over altcoins holding at 56.7%.
Altcoins followed suit, with notable gains across the board. Zcash (ZEC) emerged as the top performer, skyrocketing over 60% in 24 hours and more than 140% weekly to trade near $250. Other major altcoins like Litecoin (LTC) and Cronos (CRO) posted double-digit increases, with LTC surging 10% to $120 and CRO jumping 12% to over $0.22. Ethereum (ETH) briefly surpassed $4,400, while XRP approached $3, though it hasn't decisively broken that level. Dogecoin and Hyperliquid also saw 6% gains each.
The rally is fueled by multiple factors, including the approaching deadlines for altcoin exchange-traded fund (ETF) approvals. A Polymarket poll indicates a 95% likelihood of Litecoin ETF approval by Thursday, with similar expectations for Solana (SOL) and XRP ETFs next week. The SEC has hinted at approvals by publishing listing standards, which could accelerate institutional inflows. Additionally, weak economic data, such as a disappointing ADP jobs report showing a loss of 32,000 jobs in September, has boosted expectations of Federal Reserve rate cuts, making risky assets like cryptocurrencies more attractive. Historical trends support this optimism, as October has historically been a strong month for crypto, with Bitcoin averaging a 20% return.
The total crypto market capitalization has risen to $4.175 trillion, adding over $200 billion since the start of the week, reflecting broad positive sentiment and anticipation of further gains in the fourth quarter.
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