Leading cryptocurrencies have experienced notable declines, while stock futures showed gains over the weekend amid a recently announced U.S.-China trade truce. The fluctuations within the crypto market were highlighted by Bitcoin’s performance, which saw a slight drop of 0.32%, bringing its price to $109,694.39. Ethereum also faced a decrease of 0.56%, settling at $3,850.69. XRP and Dogecoin followed suit, with XRP down 0.24% to $2.49 and Dogecoin down 1.61% to $0.1835. In contrast, Solana gained 0.74%, reaching $186.70.
As October came to a close, Bitcoin was noted for fluctuating between $109,500 and $111,000, while trading volume surged by 50% over the past day. Despite these movements, both Bitcoin and Ethereum wrapped up the month on a downtrend, with Bitcoin plunging 3.69% and Ethereum dropping 7%. This marked a significant moment as Bitcoin ended October in the red for the first time since 2019. In the last 24 hours, the market saw liquidations exceeding $170 million, primarily involving long positions. Additionally, Bitcoin’s open interest saw a decline of 0.42%, with more than 65% of Binance traders holding long positions.
Market sentiment remains cautious, dominated by “fear” according to the Crypto Fear & Greed Index. Amidst the broader market’s decline, several cryptocurrencies recorded growth in the past day, with Dash experiencing a significant increase of 26.98% to $91.51, and Aster climbing 25.06% to $1.20. Internet Computer also saw a rise of 20.96%, reaching $4.12. Despite these pockets of growth, the overall global cryptocurrency market capitalization fell to $3.69 trillion, reflecting a 0.49% decrease in the past 24 hours.
On the other hand, stock futures showed signs of resilience, with the Dow Jones Industrial Average futures rising by 135 points, or 0.28%. Futures linked to the S&P 500 gained 0.34%, while Nasdaq 100 futures increased by 0.42%. The equities market had a promising October, with the S&P 500 and Nasdaq Composite recording gains of 1.65% and 4.26%, respectively.
The initial optimism surrounding the recent U.S.-China trade agreement, finalized after a meeting between President Donald Trump and Chinese leader Xi Jinping in South Korea, was somewhat tempered. Analysts characterized the agreement as a tactical truce rather than a comprehensive strategic resolution, stressing ongoing tensions surrounding technology and industrial policy.
As the cryptocurrency market navigates its challenges, market analysts are closely monitoring Bitcoin’s trajectory. Well-known cryptocurrency expert Ali Martinez identified a potential bearish formation on Bitcoin’s chart known as a broadening top pattern, suggesting that while there may be a possibility for new all-time highs, a sharp reversal could also be on the horizon. Market analyst Michaël van de Poppe noted that Bitcoin would need to surpass $112,000 to establish a favorable position for targeting a new record high in November.
