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In October, cryptocurrency enthusiasts had high hopes, but the first week did not meet expectations. Some analysts suggested that a price increase would begin in the second week of October. What is the current state of the cryptocurrency markets?
Bitcoin (BTC)
After falling below $60,000 for 15 days, BTC has returned to $62,000. The $62,500 level acted as support at the end of September, serving as a gateway to the $67,000 range. Although BTC has not yet surpassed $62,370, it is targeting that level. Volume remains weak, and altcoins are experiencing declines of about 2-3% due to the overall market sentiment.
The leading cryptocurrency surged from $47,300 to $73,777 during the week of February 12, 2024, fluctuating between $50,400 and $73,777 for 231 days. Though it dipped to around $50,000 at the beginning of August, it generally oscillated between $57,800 and $65,000.
Such dull periods often lead to upward movements, especially as we approach bullish market thresholds. BTC, which has yet to test $70,000 since the end of July, must initiate an upward trend. Both interest rate cuts and the upcoming U.S. elections support historic excitement for price increases.
Current Status of Cryptocurrencies
The total trading volume over the past 24 hours has dropped to $36.5 billion. According to CMC data, BTC dominance remains strong at 56.8%. The fear and greed index stands at 41, near neutral levels. Among altcoins, this week’s losers saw declines exceeding 20%. Notable declines were observed in the top 100 cryptocurrencies, with NOT, ENA, and FLOKI down over 20%. ENA Coin alone fell by 7% in the last 24 hours.
Within altcoins, FTT Token emerged as the weekly winner, rising 65% amid rumors that the hundreds of millions of dollars in FTT Token held by the FTX bankruptcy committee would not be liquidated. However, as FTT Token will not be sold to any exchange, interest in this altcoin from long-term investors resembles gambling. POPCAT and W also experienced significant growth. Despite nearly $1 billion in volume, Solana 
$177 continues to stay below $150.
