Cryptocurrency Market Update: Bitcoin Price Holds Near $28,000 as October Begins - COINTURK NEWS
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Cryptocurrency Market Update: Bitcoin Price Holds Near $28,000 as October Begins

8:03 am (53 days ago)
October 8, 2023

October started on the second Sunday of the month, and the price of Bitcoin (BTC) continues to find buyers near $28,000. Historically, October has brought double-digit gains for crypto investors, so everyone is hopeful during this period. The fact that the market has temporarily ended its downward movement is also an important development.

Current Status of Cryptocurrencies

At the time of writing, the BTC price is finding buyers at $27,988. The closing price on Saturday was $27,956. It is significant that the price is holding the $27,800 level after the decline in September. If the $28,300 level can also be reclaimed, investors can target $30,000 again.

The latest employment data favored cryptocurrencies. The job opening in the US is close to 10 million, and the Non-Farm Payrolls data came in above 300,000.

These are figures that the Fed does not want to see and they indicate that the labor market remains strong. Despite these macro data, the risk appetite among investors is not increasing with respect to the BTC price.

The cumulative value of cryptocurrencies is around $1.1 trillion. Volumes have dropped to the $15 billion level. While the Bitcoin price has seen a 3.43% increase in the last 7 days, the ETH price has dropped by 2.41% due to failed ETFs.

Altcoin Analysis

Among the top 100 cryptocurrencies, TWT Coin has experienced the highest increase. Despite the native token of the Binance-supported DeFi wallet being of little use, it has risen by 35% this week. RNDR and AVAX have also seen double-digit growth in their prices over the past 7 days.

Solana has surpassed $23 again and is gathering strength to test the $27 resistance once more. Solana, which was once the biggest Ethereum killer before FTX crashed, is now trying to survive with a price of $23.46 and a TVL strength of $300 million.

This week was not so bad for altcoins. The fluctuations in the BTC price did not trigger major losses in altcoins thanks to quick recoveries from support. However, the ongoing indecision in the BTC price could soon bring increased volatility.

In particular, a possible increase in US inflation data in the coming days could bring sellers back into the scene.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and therefore risk associated with cryptocurrencies and should conduct their own research before making transactions.

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