Trends in crypto saw a renewed positive growth as most tokens surged to monthly highs led by BTC, while crypto volume growth also marked a dramatic rise.
Bitcoin dominated the market as increasing buying activity propelled the market to a higher trading range. It showed no signs of slowing down as Bitcoin broke apart from bears to turn predictions in its favor. Most analysts posted upbeat forecasts for the market cycle as they expect further room for hikes. Some market participants had expected a low before a rally took shape, but it hasn’t happened as yet. Crypto volume growth, on the other hand, has also gained room.
The Bitcoin halving event of 2024 has also made experts set optimistic targets for BTC. Long-term investors have been accumulating BTC after each downturn to help it cross $28,000. If BTC holds on to its current range through this week, the $30,000 mark could be a reality in October.
The new support for Bitcoin has formed at $28,000, and holding it would be extremely important. Traders may aim to look at BTC consistently trading above the mark with consolidation. Most other tokens also saw their weekly averages turn green with the market rally.
If they continue the momentum, most could also contribute significantly to the crypto market capitalization. Ethereum, for instance, already has a market cap of $191 billion and is still going higher.
BTC/USD 1D price chart
Bitcoin is currently trading at around $28500 on October 18, 2023, with BTC/USD trading higher by 1.2% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (27,251.05), as BTC’s 24-hour volume was at around $13 billion.
Bitcoin has seen around 72% returns on a year-to-date basis. 7-day returns for BTC stands at 5.5%, while its 100-day EMA was at around $27,981.88. Bitcoin’s overall market capitalization is trading at around $557 billion.