The crypto market is rallying after a turbulent week that erased billions from the total market cap and left traders on edge.
Summary
- The crypto market kicked off October on a strong note, lifting total value to $4.17 trillion.
- Bitcoin is up $118,000 on the day with a 4% gain, while Ethereum rose 6% to $4,400.
- Other altcoins rallied as well, with the likes of Zcash and Zora posting stronger double-digit gains.
- Analysts believe the bull cycle is still underway, with room for more upside in Uptober.
The uptrend comes as the crypto market stages a broad rebound, with several coins climbing back from recent lows.
Bitcoin (BTC) is leading the rebound, surging past $118,000 and gaining roughly 4% in the past 24 hours. Ether (ETH) is also back in focus, jumping over 6% to briefly touch $4,400 after sinking to $3,900 during the latest market pullback.
Other major altcoins like Solana (SOL) and Binance Coin (BNB) rose as well, with SOL climbing 7% to $225, and BNB trading near $1,040. Some smaller-cap altcoins posted even stronger double-digit gains, with Zcash (ZCASH) jumping 73% and Zora (ZORA) surging nearly 33%.
This rebound is fueled by both price action and renewed sentiment. The total crypto market capitalization is up 4.6% to $4.17 trillion on the day, turning the broader mood from caution to confidence. The ongoing rally comes as anticipation for “Uptober” picks up among traders and market participants, with hopes high for the momentum to hold and push prices to new highs.
On-chain data back Uptober crypto market rally
Supporting the outlook, a new CryptoQuant analysis suggests that the crypto market rally may still have room to run. Per the report, the current bull cycle is “slow
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Author: Grace Abidemi
