The crypto market registered a significant bounce as the ongoing U.S. government shutdown situation has triggered a period of high volatility. Bitcoin on Thursday, October 2 reflected a price hike of 3.55 percent to trade at $118,630. With this, the asset’s seven-day-profit margin has expanded to nearly six percent.
Market analysts have reiterated that investors should take financial decisions very cautiously as the U.S. economy remains unstable for the time being.
Ether price rose by 5.85 percent over the last day. As of Thursday, the asset’s price has climbed to $4,390. Ether’s seven day profit margin has grown by nearly nine percent — indicating at market resilience.
Most altcoins joined BTC and ETH in the rally. As per CoinMarketCap, altcoins including Ripple, BNB Chain, Solana, Tron, and Avalanche registered profits of under three percent.
Meanwhile, Dogecoin joined Solana, Cardano, Chainlink, Stellar, Hedera, Litecoin, Cronos, and Shiba Inu logged bigger profits within the range of six percent to 12 percent.
The overall crypto market cap rose by 4.18 percent in the last 24 hours. With this, the valuation of the sector breached the mark of $4.07 trillion for the first time in three years.
The fear and greed index score, at the time of writing, stood at 51 — indicating at a neutral market sentiment.
The rally of BTC often fuels the market sentiment. This week, gold hot record highs that propelled BTC into a surge. As per reports citing on-chain data, stablecoin reserves are being liquidated into the market.
The weekly Moving Average Convergence Divergence (MACD) also reportedly indicates that the bearish pressure over the market has seemingly lightened.