Биткоин и Ethereum на волне роста: новый максимум и оптимизм на рынке Translation: Bitcoin and Ethereum Ride the Growth Wave: New Highs and Market Optimism

The price of digital gold has hit $121,000 for the first time since mid-August when it set a record above $124,000. The second-largest cryptocurrency by market capitalization has risen to $4,500, reaching a three-week high.

As of this writing, Bitcoin is trading around $120,000, reflecting a 1.3% increase over the last 24 hours.

Ethereum’s price has shown more significant movement, increasing by 2.4% in the past day and trading at $4,500.

Over the week, the second-largest cryptocurrency has gained 13.5%, while the first has seen a rise of 2.5%. CryptoQuant analyst Axel Adler noted that by the end of the last quarter, ETH has nearly matched BTC in its growth rate.

The market capitalization of the sector has grown by 1.4% to $4.2 trillion. All assets in the top 10 by market value have displayed an upward trend. Notably, BNB rose by 6.1% and Solana increased by 3.4%.

In the weekly context, anonymous coins have led the altcoin rally, with Zcash surging 148% and Dash rising 64%.

The latest wave of growth in the crypto market did not trigger a cascade of liquidations, with the total amount reaching $385 million over the day.

The Fear Index has returned to the «greed» zone, indicating a prevailing bullish sentiment among investors.

One likely reason for the cryptocurrency’s surge is the U.S. government’s shutdown, which started on October 1. Market participants pointed out that in three out of the last five shutdowns, Bitcoin’s price rose.

Historically, such events have not pressured risky assets. According to The Kobeissi Letter, the S&P 500 index has shown growth during all the shutdowns since 1995.

Amid budget deficits and rising inflation that could result from the shutdown, investors are increasingly utilizing risky assets as a hedge. As reported by Bloomberg, market participants expect a capital influx into cryptocurrencies.

Another positive factor is the resumption of steady inflows into spot ETFs based on Bitcoin and Ethereum. Over the past week, $2.2 billion flowed into Bitcoin-focused exchange-traded funds, marking the highest amount since mid-September.

Instruments based on the second-largest cryptocurrency attracted over $1 billion for the first time since late August.

Seasonality also plays a role. October has been nicknamed «Uptober» in the crypto community; historically, Bitcoin has nearly always shown positive returns during this month, averaging around 20.6%.

«September traditionally presents the worst performance for Bitcoin annually, while the fourth quarter consistently delivers the best results. I am not a huge fan of seasonality theory, but I must admit that these patterns often have a self-reinforcing effect,» noted Ryan Watkins, co-founder of the investment fund Syncracy Capital, in a comment to Bloomberg.

The positive sentiment is also bolstered by expectations of a second interest rate cut by the Federal Reserve in October. Almost 98% of market participants anticipate further monetary easing.

It is worth mentioning that experts have confirmed Bitcoin’s «healthy dynamics» and projected its growth to $200,000 by the end of the year.