The crypto market soared to $ 2.1 trillion early in October, with both Ethereum and Bitcoin making gains. So let’s take a closer look at today’s latest altcoin news.
Bitcoin is the largest cryptocurrency by market cap, rising from $ 40,996 on September 29 to a new high of $ 38,436 a day ago. Most of the gains occurred over a half hour period, but since hitting its level, BTC has fallen slightly to its current price of $ 47,606. Bitcoin’s gains yesterday morning followed Ethereum, the second largest cryptocurrency, which was up about 11% a few hours earlier. Ethereum hit a high of $ 3,315 this morning before falling to $ 3,228.
September quickly becomes REKTember😭😔
It’s good that UPtober & MOONvember are close by 🚀 pic.twitter.com/omyMdHd8vb
– CoinMarketCap (@CoinMarketCap) September 28, 2021
The entire cryptocurrency market flourished thanks to the success of these two coins and today the global market cap is around $ 2.1 trillion, according to the data. It’s good to remember that China’s recent ban on cryptocurrencies has forced many Chinese traders to enter the decentralized financial sector, and according to journalist Colin Wu, most of them switched to DYDX a week ago, with cash around Has increased 90%.
Elevation is real, let the light of the cow mood shine into your life! #bitcoin
– Lark Davis (@TheCryptoLark) October 1, 2021
The second big news came from the US after the US Federal Reserve told Jerome Powell that, unlike China, he had no intention of banning cryptocurrencies. Powell said he would treat stablecoins differently, adding that stablecoin issuers should be treated like banks:
“Stablecoins are like money market funds, they are like bank deposits, but to some extent they are outside of regulation. And it is appropriate that they should be regulated. Same operation, same regulation ”.
In the future nobody will know what the word October means because it is replaced by Uptober in everyday usage
– Zhu Su (@zhusu) October 1, 2021
The Fed chairman’s comments weren’t enough to stop the market surge, however, with crypto, changes can happen quickly. As recently reported, after a few days of profit, BTC calmed down a bit around the $ 48,000 price point and several other altcoins continued to rebound. Solana is up 8% and Terra is also climbing to a new all-time high after gaining 20% daily. The rest of the altcoins were launched in the last few days after the midweek drop in prices and ETH even fell to $ 2900 thanks to China’s FUD. ETH has since recovered over $ 500 and now stands at $ 3,400.
Cardano also crashed, breaking below $ 2, but currently ADA is close to $ 2.30, with Binance Coin bouncing back $ 430 after a 4% daily increase. Small profits have been made by Ripple, Dogecoin, Uniswap and Polkadot. Solana has continued its recent bullish momentum, rising 8% over $ 170, but TErra remains the biggest winner of larger cap altcoins with a huge 20% profit. Terra’s LUNA hit a new ATH a few hours ago and is currently at $ 45.
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