In October, cryptocurrency enthusiasts had high hopes, but the first days did not meet expectations. Analysts predicted a price increase in the second week of October. What is the current state of the cryptocurrency market?

Bitcoin's Return to $62,000

Bitcoin (BTC), after staying below $60,000 for 15 days, returned to the $62,000 mark. The $62,500 level acted as support at the end of September, serving as a gateway to the $67,000 range. Although BTC has not yet surpassed $62,370, it is targeting that level. Volume remains weak, and altcoins are experiencing declines of about 2-3% due to the overall market sentiment.

Current Status of Cryptocurrencies

The total trading volume over the past 24 hours has dropped to $36.5 billion. According to CMC data, BTC dominance remains strong at 56.8%. The fear and greed index stands at 41, near neutral levels. Among altcoins, declines exceeding 20% were observed, with notable drops for NOT, ENA, and FLOKI. ENA Coin alone fell by 7% in the last 24 hours.

Forecasts and Trends

FTT Token emerged as the weekly winner, rising 65% amid rumors that the hundreds of millions of dollars in FTT Token held by the FTX bankruptcy committee would not be liquidated. However, as FTT Token will not be sold to any exchange, interest in this altcoin from long-term investors resembles gambling. POPCAT and W also experienced significant growth. Despite nearly $1 billion in volume, Solana continues to stay below $150.

Thus, in October, the cryptocurrency market shows mixed trends, with Bitcoin seeking new resistance levels and altcoins experiencing significant fluctuations. Investors and analysts continue to monitor market dynamics in the context of interest rate cuts and the upcoming U.S. elections.