Uptober? Cryptocurrencies bounce heading into October’s first weekend

Cryptocurrencies struggled to recover from a market crash caused by geopolitical conflicts ahead of the first weekend of October.

Major cryptocurrencies and total digital asset market capitalization rose above 2% on October 4 as ecosystem leaders such as Bitcoin (BTC) and Ethereum (ETH) staged price recoveries at publication time. Almost $36 billion flowed into Bitcoin and BTC’s price rose above $62,300, marking a 3% increase. According to CoinGecko, Ether’s 4% appreciation pushed ETH above $2,400 and Solana (SOL) moved towards $145.

Memecoins, especially on Solana, rose with the market rally towards the end of the week. Tokens such as Gigachad (CHAD), Michi (MICHI), Popcat (POPCAT) and dogwifhat (WIF) are up 20% to 40% in the last 24 hours.

Weekly green close for crypto uncertain

Daily price gains have only slightly reversed the decline triggered by military strife in the Middle East. Global economies and assets lost hundreds of millions of dollars within hours after Iran fired a missile at Israel.

The resulting pullback stabilized the total cryptocurrency market cap within a red candle on the weekly timeframe. Digital assets closed in the green for three consecutive weeks in September, which is a generally bearish trend for cryptocurrencies.

History supports green 4th quarter

The overall digital asset market is expected to require an 8% recovery to regain last month’s close, and expert consensus has suggested that a rally in the crypto market may be coming. Bitcoin has rallied in October the last three times, with BTC ending September with a green monthly candle. In nine out of 11 cases, the asset increased in the first month of the third quarter, regardless of the previous month’s price movement.

Indeed, Bitcoin has experienced an average price increase of 22%, 46% and 5% in the last three months of each year since 2013.

Monthly BTC return since 2013 | Source: ali_charts