Crypto Market Analysis: September 30th to October 6th, 2024
This report provides a rundown of the price fluctuations that took place in the global crypto markets for major cryptocurrencies-between September 30 and October 6, 2024-namely Bitcoin, Ethereum, Solana, XRP, Cardano, and Dogecoin.
Bitcoin (BTC): Consolidation with Resistance at $64K
Bitcoin started the week with great momentum, even breaking highs briefly above $64,500. However, despite such inclines, growing regulatory concerns weighed on the market, and resistance for BTC came around the $64500 mark. The price consolidated the whole week down to 63,476 dollars on October 6th. The overall market sentiment is cautiously optimistic, while expectations of upcoming ETF approvals maintain BTC.
Check the full BTC price chart here.
Ethereum (ETH): Recovery Amid Ecosystem Growth
Similarly, Ethereum visibly climbed up within the range from a low of $2,440 to a high of $2,492 on October 5. The consistent buying pressure was well driven prompted by the announced inclusion of several big DeFi projects with their intention of integrating Layer 2 solutions. The asset also faced slight corrections downwards towards the end of the week, while the ETH sentiment has continued to remain bullish, with the essential institutional adoption in continuation.
Check the full ETH price chart here.
Solana (SOL): Minor Volatility Despite Network Upgrades
Solana had a smooth rise throughout the week, peaking on October 5th at $156.89, then underwent minor corrections to end on October 6th at $156.42. This stability is cemented in place by the ongoing network upgrades that seek to further improve transaction speed and efficiency. It continues to be a formidable competitor in the smart contract space.
Check the full SOL price chart here.
XRP: Stable Despite Legal Overhang
XRP experienced some early weekly volatility, once trading as low as $0.5420 but recovered somewhat to $0.5404 by the end of the week. Anxiety by investors over the ongoing court battles between Ripple and the eventual judgment of the court are factors that tend to spook investors. Despite this, the XRP community remains optimistic over the outcome, which could well provide the catalyst for a larger move.
Check the full XRP price chart here.
Cardano (ADA): Consolidating in a Narrow Range
Cardano recovered some after reaching a low of $0.3627 on October 4 and climbed to $0.3645 toward the end of the week. Expectations of the upcoming Hydra upgrade brings some hope for higher scalability and adoption, leading to continued market interest in the asset.
Check the full ADA price chart here.
Dogecoin (DOGE): Gradual Climb Post-Correction
Dogecoin had a moderate increase upon the week: from the low of $0.1140 up to $0.1163 on October 6th. Such slow but positive growth is driven by the growing attention to the Dogecoin payments. The community sentiment generally remains positive; continuous support by key influencers helps the DOGE coin to hold its relevance.
Check the full DOGE price chart here.
