The Global Encryption Market Gains Momentum in “Uptober”
The global encryption market has experienced an upward trend as investors join the “Uptober” bus, a term used by traders. According to data from CoinMarketCap (CMC), the market value of the global encryption market has increased by 0.82% in the past 24 hours, reaching a six-week high of $1.09 trillion. This comes after the market cap dropped to $1 trillion on September 12, the lowest level in a month.
Traders anticipate another upward run in October, supported by data from Santiment which shows increased social media mentions of terms such as “Uptober,” “green,” and “Bitcoin 28k” towards the end of September.
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Santiment reports that most of these discussions are happening on Reddit and X (formerly Twitter).
Bitcoin (BTC) recently reached a six-week high of around $28,310 and is currently trading at $27,707. The market cap for Bitcoin is over $540 billion, with a trading volume of $19.93 billion in the past 24 hours.
Bitcoin dominance currently stands at 49.7%.
Top two gainers
Bitcoin SV (BSV) is the top gainer among the top 100 cryptocurrencies, with a 22.07% increase in the past 24 hours. It is currently trading at $38.77 with a market cap of over $746 million. The trading volume has increased by 1090% to reach $162 million.
eCash (XEC) has registered a rise of 7.33% in the past 24 hours, securing the second place among the top 100 assets. XEC is trading at $0.00002678 with a market cap of $522.54 million.
On the other hand, the supply of stablecoins held by whales has been decreasing over the past month. This suggests that smaller investors may be the main drivers of the recent bull run, potentially resulting in lower volatility.
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