The global crypto market saw its overall capitalization stay static over the weekend, as BTC ended September around the $27000 mark with over 4% returns.
Bitcoin hovered around the $27000 mark throughout the weekend as market volatility remained low. As a result, the global crypto market cap also saw its value stay steady. Bitcoin’s improving trading range could mean more bullish investors taking long positions with crypto.
Even the SEC’s decision to delay the crypto ETFs did not affect market prices. Crypto tokens held on to their support while macroeconomic headwinds took over. Bitcoin’s movements have also initiated recoveries in multiple crypto tokens. ETH is trading well above $1600. Meanwhile, XRP, Solana, and Dogecoin also rose with the recovery in the market.
Market participants have also estimated the upcoming crypto ETFs could unlock billions in value for the crypto market. Most stakeholders in the crypto industry are actively lobbying for a favorable business climate. The crypto market can benefit if the current year unfolds better progress in terms of regulatory clarity.
High-interest rates could have been the main dampener for even better BTC prices in 2023. While Bitcoin has staged a sharp recovery, it may have further scope for a surge in prices.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26990 on October 1, 2023, with BTC/USD trading lower by 0.2% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,321.38), as BTC’s 24-hour volume was at around $7 billion. Bitcoin has seen around 62.27% returns on a year-to-date basis.