The crypto market is on an uptrend after a volatile September, with Bitcoin and major altcoins registering significant gains as the “Uptober” momentum picks up.
The crypto market cap rose 1.7% in the past 24 hours to $4.2 trillion. Bitcoin gained 1.2% to $120,000, its highest level in weeks, while Ethereum advanced 2.5% to $4,500. Binance Coin climbed 6.5%, and Solana added 3.4% to reach $230.
Most large-cap tokens traded higher, pushing overall sentiment into the “greed” zone on the Fear & Greed Index at 63. Market relative strength index stands at 59. Trading volume reached $196 billion with $390 million in liquidations, showing higher participation.
The U.S. entered a partial federal government shutdown yesterday, delaying key economic reports such as September Nonfarm Payrolls. With preliminary data already showing labor softness, markets now price a near-certain 25-basis-point Fed rate cut at the Oct. 29 FOMC meeting.
The dollar slipped 0.5%, pushing investors toward risk assets like crypto. Shutdowns have historically supported equities, and Bitcoin is gaining as both a hedge and a high-beta play.
The U.S. entered a partial government shutdown yesterday, halting key data releases such as September payrolls. Combined with weaker labor indicators, markets now expect the Federal Reserve to cut rates at the Oct. 29 meeting. The softer dollar drew capital into assets like Bitcoin, often seen as a hedge in times of policy gridlock.
Spot crypto exchange-traded funds absorbed $934 million in net inflows on Oct. 2, according to SoSoValue data. Bitcoin funds saw $627 million while Ethereum ETFs gained $307 million. It was the fourth straight day of inflows for Bitcoin products.
Large institutions are responding. JPMorgan raised its year-end BTC target to $165,000, while Citi set $132,000 and Pantera Capital projected $150,000 if demand persists. Stablecoin activity also grew, with Tether minting $2 billion USDT and Circle expanding USDC and EURC integration in European markets.
October has historically been a strong month for Bitcoin, with average gains of 20-30% across the past decade, and this year’s “Uptober” trend is unfolding in line with that record. Selling pressure eased in September, allowing new inflows to lift prices.
Altcoins are also benefiting from rotation. BNB hit a new record at $1,111, helped by network upgrades that cut gas fees to $0.005. Solana has gained strong momentum amid VisionSys and Marinade Finance launching a joint $2 billion treasury expansion plan, which is aimed at supporting ecosystem growth and DeFi liquidity.
The Altcoin Season Index has reached 71, showing that most major altcoins are now outperforming Bitcoin. A stronger-than-expected jobs report could delay rate cuts and weigh on prices, but with ETF inflows, seasonal strength, and institutional adoption in play, analysts see the market moving toward a $5 trillion valuation before year-end.
