After Bitcoin's record high: How crypto starts the new week
- After Bitcoin set a new all-time high in the early hours of October 5, briefly trading above $125,000, a slight setback followed shortly after. The leading cryptocurrency started Monday trading at $123,500.
- The altcoin market has been noticeably quiet these days, despite—or perhaps because of—Bitcoin's record high. At the time of writing, Ethereum is trading at around $4,500, Solana at $230, and XRP at just under $3. So, major price jumps are still elusive.
- Over the past 24 hours, Ethereum Layer 2 Mantle, considered by many to be the unofficial Bybit token, is one of the biggest winners in the altcoin sector, gaining around 6 percent. The recently celebrated perp DEX Aster, on the other hand, lost more than 9 percent following a delisting from DeFiLlama. Pump.fun and Ethena also declined sharply.
- DoubleZero has also failed to record strong price performance since its launch. The scaling project aims to build a “own internet” for blockchains and is therefore described by many as “one of the most ambitious crypto projects.”
- Investors are eyeing the release of the minutes of the latest U.S. interest rate decision this week. New figures from the University of Michigan on consumer confidence and U.S. household inflation expectations are also likely to influence the price of Bitcoin and other cryptocurrencies.
- Further economic data could follow if the US government resumes operations. However, an end to the government shutdown in the US is not yet in sight.
- Steve Sosnick, chief strategist at Interactive Brokers, explains: “There's a certain degree of nihilism,” saying, “All news is good news, and no news is important. If we don't get this [jobs report], that's one less obstacle to the market's unstoppable rise.”
- Bitcoin maximalist Samson Mow recently predicted a Bitcoin price of $200,000. If you want to buy Bitcoin, you can do so at Bitpanda, among other places.
Recommended Video The Underrated Crypto Narrative: Institutional Money
source
- Steve Sosnick | Yahoo Finance
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