The cryptocurrency market is showing renewed strength after a choppy September, with October already living up to its reputation as “Uptober.”
Over the past 24 hours, the global crypto market capitalization climbed 1.7% to $4.2 trillion. Bitcoin rose 1.2% to $120,000, marking its highest price in weeks, while Ethereum gained 2.5% to $4,500. Binance Coin surged 6.5%, and Solana advanced 3.4% to $230. Overall sentiment shifted firmly into the “greed” zone on the Fear & Greed Index at 63, signaling stronger risk appetite among investors.
Why is the crypto market going up today?
The rally is being fueled by a combination of macroeconomic and market-specific factors.
The U.S. government entered a partial shutdown on Oct. 2, delaying the release of key economic reports like Nonfarm Payrolls. Combined with weaker labor signals, traders now expect the Federal Reserve to implement a 25-basis-point rate cut at the Oct. 29 FOMC meeting. The dollar index slipped 0.5%, pushing capital into alternative assets like crypto, which is often seen as both a hedge and a high-risk growth play during uncertain policy conditions.
Institutional activity is also adding momentum. Spot crypto ETFs recorded $934 million in net inflows on Oct. 2, with Bitcoin products attracting $627 million and Ethereum ETFs pulling in $307 million. This marks the fourth consecutive day of inflows into Bitcoin funds, underscoring renewed institutional confidence.
Major financial institutions are responding to the trend. JPMorgan raised its year-end Bitcoin target to $165,000, Citi forecasted $132,000, and Pantera Capital projected $150,000 if current inflows sustain. Meanwhile, stablecoin growth continues, with Tether minting $2 billion USDT and Circle expanding USDC and EURC adoption across European markets.
Uptober momentum and altcoin rotation
Historically, October has been one of Bitcoin’s strongest months, averaging 20–30% gains over the last decade. The easing of September selling pressure has allowed new liquidity to lift the market, and altcoins are now benefiting from capital rotation.
BNB set a new all-time high at $1,111 after network upgrades reduced gas fees to just $0.005. Solana also surged, boosted by a $2 billion ecosystem expansion initiative from VisionSys and Marinade Finance aimed at strengthening DeFi liquidity.
The Altcoin Season Index reached 71, suggesting that most major altcoins are outperforming Bitcoin. Analysts warn that a strong U.S. jobs report could dampen expectations of a rate cut, potentially weighing on the rally. However, with ETF inflows, seasonal strength, and institutional adoption in play, the crypto market is on track to test a $5 trillion valuation before the end of the year.
