As the weekend unfolded, traders and investors were in for buoyant sentiments as the average crypto returns marked a surge, with Bitcoin hitting $28000.
Crypto analysts revised their estimates as all signs of a downturn vanished over the weekend. Average crypto returns surged as traders and investors saw the market cap of the crypto market rise. Bitcoin led the weekend rally, going over $28000. Bitcoin’s uptrend could now spill to other tokens, as most were range-bound in the last 24 hours.
After 2021, the current year has turned out to be almost similar via the broad recovery in the crypto market. Even though legal issues have cropped up for the market, the crypto market has weathered it. Even concerns about the global economy haven’t made a significant dent in the market returns for crypto.
Long-term investors have led the surge, as a steady capital inflow into crypto has helped it. Crypto investment products are seeing inflows in the current quarter of 2023, beating traditional instruments.
BTC/USD 1D price chart
Bitcoin is currently trading at around $28000 on October 8, 2023, with BTC/USD trading higher by 0.4% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,783.30), as BTC’s 24-hour volume was at around $ 6 billion. Bitcoin has seen around 68.88% returns on a year-to-date basis.