- BTC is trading at $114,600
- ETH is priced $4,146
- The current crypto market cap stands at $3.91 trillion
The overall crypto market reflected losses next to a majority of cryptocurrencies on Tuesday, October 1. Bitcoin showed a price hike of 0.60 percent over the last day, bringing its price to $114,600. With this, the asset’s seven day profit margin has logged a 1.72 percent growth, data by CoinMarketCap shows.
The going unrest in the U.S. government has added to the market stress, analysts have pointed out. The U.S. government officially shut down after the discussions between the Congress and the White House on federal funding failed on October 1. During this shutdown, essential sectors like Transportation Security Administration agents, air traffic controllers, law enforcement officers, and military personnel will reportedly be working without pay. Meanwhile, around 750,000 government officials will be furloughed each day the shutdown extends.
“Investors should remain cautious during the shutdown, as it becomes difficult to read the economy and predict the Fed’s next move, which might lead to short-term uncertainty in the market. For now, Bitcoin must breach the resistance at $114,750 to sustain the buying pressure. If not, we could see a move towards the $112,200 support levels before a relief rally,” Edul Patel, the CEO of Mudrex told CoinHeadlines.
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Ether rose by 0.89 percent over the last day to trade at its present price point of $4,146, CoinMarketCap showed.
“Ethereum is holding near $4,150, though selling pressure persists as bears continue to test key supports. Macro risks such as the U.S. government shutdown remain a drag, but sentiment is tilting toward recovery. If these technical levels hold, Q4 could mark the beginning of a stronger rebound for crypto,” Avinash Shekhar, co-founder and CEO of Pi42 told CoinHeadlines.
The crypto market enters October with cautious optimism after signs of strength into September month end revived hopes for the seasonal ‘Uptober’ momentum, analysts said.
As of Wednesday, a majority of altcoins showed signs of sideway movements, being unstable. Assets trading in small losses include Tether, Ripple, Solana, Tron, Chainlink, Stellar, and Hedera. Meanwhile, Solana joined Hyperfluid, Leo, Shiba Inu, Cronos, and Monero clocked small profits of under one percent.
The current crypto market cap stands at $3.91 trillion as of Wednesday, CoinMarketCap showed.
The crypto fear and greed index score stands at 42 — indicating at a neutral investor sentiment.
