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By Alex Kuptsikevich
The crypto market capitalisation has risen over 2.7% in the last 24 hours to over $1.11 trillion, a level not seen since mid-August.
Bitcoin managed to hold above its 50-day moving average over the weekend, which it surpassed in a strong move on the 28th of September. BTCUSD surged over $1000 with a 4% gain, hitting a 7-week high of $28.3K. Contrary to the upward momentum at the end of last week, the intraday rally may be too stretched for now. After a long march, the price touched the technically and emotionally important 200-day moving average (currently $28K). There is a risk that we could see a repeat of the August 29 reversal to the downside. But that's a risk, not the main scenario.
Bitcoin ended September up 4.1% at $27.1K, bucking the seasonal trend of the worst month of the year, which was hard to expect in an environment of a rising dollar and a falling S&P 500. Over the past 12 years, bitcoin has ended October higher on eight occasions. The average gain was 29.6%, and the average loss was 15.2%.
Solana rose 30%, rallying for the fifth day in a row and reaching its highest level since August 15th. On Sunday, it broke through the 50 and 200-day averages and continued to rise on Sunday and Monday. If Bitcoin has once again become an indicator of risk sentiment for global markets, has Solana become a leading indicator for Bitcoin?
Asset management company VanEck announced the launch of the Ethereum Strategy ETF. The actively managed ETF will be based on CFTC-regulated Ethereum-based settlement futures. The new instrument is similar to the firm's other product, the Bitcoin Strategy ETF (XBTF), which will launch in November 2021.
The team behind the newly launched crypto exchange, CommEX, includes former Binance employees who helped develop the platform, the company said in an open letter. CommEX did not name the beneficiaries, saying they "prefer to remain undisclosed persons".
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.