Bitcoin and its dazzling October start
Bitcoin opened the first working day of October priced at $28,000. That's 3.8% more than the previous day and a commendable 7% up from the price last week.
Ethereum isn't lagging behind
On the flip side, Ethereum traded at $1,700, marking a 3.2% increase from the last day and 9.5% up for the week.
So, what's behind this tide of optimism?
The truth is, it's challenging to pinpoint one specific reason. However, several factors might play a pivotal role:
- Birth of Ethereum futures ETF: This week is expected to see the launch of the first-ever Ethereum Futures ETFs in the U.S. While these products might not be as coveted as spot ETFs, they are the first of their kind to be approved by the SEC. When drawing parallels with value surges, one only needs to recall 2021 when Bitcoin's price soared following the allowance of Bitcoin Futures ETFs.
- Government shutdown off the table: Last-minute deliberations in the U.S. Congress between Democrats and Republicans led to an agreement on a government agency spending bill. This averted a government shutdown, positively impacting both the cryptocurrency and stock markets.
- An october tradition? While it's perilous to rely solely on history, October has traditionally been a strong month for cryptocurrencies. Considering historical data, it appears we can anticipate another thrilling month in the crypto market.
A snapshot of Bitcoin value surges in October over the years:
2013 - by 61%
2015 - by 33.5%
2016 - by 15%
2017- by 48%
2019 - by 10%
2020 - by 28%
2021 - by 40%
2022 - by 5%
Only in unmentioned years, namely 2014 and 2018, was there a decline in value.
While the future is always uncertain, the start of October for cryptocurrencies holds much promise. We're in for an intriguing month, and it'll be interesting to see how events unfold.