Major cryptocurrencies began the week in decline, continuing a lackluster streak that marked October as the market’s worst month since 2015. Bitcoin (BTC) hovered near $106,000 in early Monday trading after briefly reclaiming $110,000 last week. Altcoins followed suit, with Dogecoin (DOGE) and Cardano (ADA) plunging around 5%, while Solana (SOL), BNB, and Ethereum (ETH) saw losses of up to 4%. Tron (TRX) remained flat over the same period.
The sell-off lacked a clear catalyst, suggesting profit-taking after the previous week’s gains. Analysts pointed to fading confidence and weak fundamentals as factors dragging sentiment lower. FxPro’s chief market analyst, Alex Kuptsikevich, noted Bitcoin’s “repeated failure to hold above $113,000” as a sign of waning momentum. Despite this, the $3.5 trillion total market cap level continues to attract dip-buyers, hinting at potential support.
While traders hope for a turnaround in the new month, optimism around the typically bullish “Uptober” trend quickly faded after a brief early-month rally. Data from Glassnode shows long-term Bitcoin holders have significantly increased selling activity, tripling sales since June as investors lock in profits from earlier buys near $93,000. Nonetheless, spot trading volumes topped $300 billion in October, the highest in a year, signaling robust two-way liquidity.
Meanwhile, gold prices steadied around $4,000 per ounce after China’s move to end tax rebates for select gold retailers, a policy shift that could curb demand in one of the largest bullion markets. Despite a short-term pullback, gold remains up over 50% year-to-date, underscoring persistent demand for safe-haven assets. Analysts also observed a strengthening correlation between Bitcoin and gold, both reacting to global monetary shifts and geopolitical tensions.
As markets await further cues from the Federal Reserve’s policy direction, investors continue to balance between risk appetite and safety, shaping the uncertain path ahead for both crypto and commodities.
