🌎 Cryptocurrencies Rebound 2% Amid Geopolitical Tensions

Cryptocurrencies made an effort to recover from a market slump driven by geopolitical conflicts as October’s first weekend approached.

Market Recovery Amid Geopolitical Tensions

On October 4, major cryptocurrencies and the total digital asset market cap experienced a 2% increase. Leading the charge were Bitcoin and Ethereum, which both saw price recoveries. Bitcoin’s price surged above $62,300, marking a 3% rise as nearly $36 billion flowed into the asset. Ethereum appreciated by 4%, pushing its value over $2,400. Additionally, Solana edged toward $145, reflecting a 4.55% increase.

Memecoins Ride the Upswing

Memecoins, especially on Solana, also surged with the market upswing. Tokens like Gigachad (CHAD), Michi (MICHI), Popcat, and Dogwifhat saw spikes ranging from 20% to 40% in the last 24 hours.

Weekly Trends and Market Reactions

Despite daily price upticks, the market still felt the impact of military altercations in the Middle East. Global economies and assets lost hundreds of millions within hours as tensions escalated. This pullback resulted in a red candle for the total cryptocurrency market cap on the weekly timeframe. During September, digital assets had closed in green for three consecutive weeks, even though the month is generally bearish for cryptocurrencies.

Historical Trends and Future Predictions

The digital asset market would need an 8% recovery to match last month’s close. Experts suggest that a rise in the crypto market might be on the horizon. Historically, Bitcoin has enjoyed a bullish October whenever it closed September with a green monthly candle. In fact, nine out of eleven times, the asset has surged in the first month of Q4, regardless of the previous month’s price action.