The cryptocurrency market experienced a significant surge starting late in the weekend, continuing into Monday morning trading hours in the U.S. Bitcoin (BTC) managed to climb back above $114,000 after dipping below $109,000 last Friday.
This upward movement indicates that crypto traders are reacting to similar macroeconomic factors that have been pushing gold and various stock indexes to new highs almost daily — primarily lower interest rates across Western countries. Additionally, there seems to be a seasonal influence as investors shift their attention from September’s historical weaknesses towards October — often referred to as “Uptober” due to its tendency for price increases.
Bitcoin and other major cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Solana (SOL) have all seen gains of approximately 4% over the past day. Gold has risen by 1.2%, reaching another record high above $3,850 per ounce while the Nasdaq is up by 0.8%.
In terms of crypto-related stocks, Coinbase (COIN) and stablecoin issuer Circle (CRCL) have increased by 5.7% and 7.7%, respectively.
Miners who faced substantial losses during last week’s downturn are now experiencing a notable rebound. Stocks focused on artificial intelligence and high-performance computing such as IREN Technologies Inc.(IREN) and Cipher Mining Inc.(CIFR) are both up by about 4%. MARA Holdings Inc.(MARA), which focuses more on pure bitcoin mining activities, has surged ahead with an increase of 8%.
A small recovery isn’t unexpected according to Paul Howard—senior director at Wincent Trading Firm—even though the broader economic environment remains somewhat uncertain.
“Institutional investors along with retail support have shown interest at around $110k levels,” he stated in his note.
“There remains potential downside risk until larger macro shifts occur within upcoming months.”
The release schedule for Friday’s employment report could provide traders better insights into labor markets; however looming government shutdowns might delay this information dissemination further complicating matters if prolonged—forcing Federal Reserve meetings scheduled later this month without essential economic data inputs available potentially impacting decision-making processes adversely under current circumstances
October May Offer Respite For Crypto Markets
Joel Kruger—a strategist working alongside LMAX Group—noted how seasonality trends appear poised favorably toward bitcoins’ prospects given historically weaker Septembers transitioning towards stronger months ahead
BTC averaged returns hovering around twenty-two percent annually since two-thousand thirteen throughout Octobers alone—with Novembers yielding even greater performance averaging forty-six percent over same timeframe observed consistently so far
“Amidst what constitutes landmark year concerning cryptocurrency sector developments including adoption regulatory advancements witnessed thus far already unfolding—all signs point toward possible scenario whereby bitcoin surpasses previous peak valuations before concluding calendar year successfully leveraging prevailing seasonal advantages accordingly,” commented Kruger confidently.