Cryptocurrency markets showed signs of recovery at the start of October, with Bitcoin’s price surging past $121,000 before settling back to around $119,800. This upward movement is happening alongside substantial investments from institutions. Bitcoin ETFs experienced a net influx of 5,643 BTC, valued at $675 million. BlackRock was a significant contributor, adding 3,451 BTC worth $412.87 million, bringing their total Bitcoin holdings to 773,461 BTC, which equates to $92.5 billion. Ethereum ETFs also saw considerable activity, with 14,864 ETH ($65.6 million) added. Fidelity led the way in Ethereum accumulation and now possesses 772,054 ETH, valued at $3.4 billion.
The Altcoin Season Index is currently climbing, standing at 66, but hasn’t yet reached the threshold to be considered a full “alt-season.” The prevailing sentiment suggests that Bitcoin will lead the market’s performance in October, with altcoins potentially taking center stage afterward.
(Source: Coinmarketcap)
Bitcoin’s rise above $120,000 was fueled by $1.6 billion flowing into ETFs over a mere three days, with BlackRock’s IBIT playing a leading role. Institutional investments are establishing a price support level, and traders are anticipating a potential retest of August’s high of $124,000.
However, not everyone is convinced that this rally will be sustained. Skeptics point out that much of the price increase has been driven by perpetual futures trading, creating significant liquidity below the current price. If the upward momentum falters, analysts are warning of a potential sharp decline.
For now, buyers are maintaining control of the market, but a drop below $110,000 could trigger a significant downward correction if market sentiment changes.
Bitcoin isn’t the only cryptocurrency experiencing gains. The Altcoin Season Index, currently at 66, indicates a growing shift of capital into altcoins. Avalanche is gaining attention following an announcement from its affiliated entity, AVAT, regarding a $675 million merger aimed at securing a Nasdaq listing by 2026.
But meme coins are seeing the most explosive movements, continuing to attract retail traders seeking quick profits:
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SPX6900 has experienced a 31% increase in just two days, currently priced at $1.25.
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USELESS has risen by 57% over the past week, backed by $76 million in trading volume.
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4, a meme coin launched on the Binance Smart Chain (BSC) just two days ago, reached a market capitalization of $190 million at its peak and currently stands at $141 million with over $271 million in daily trading volume.
(Source: Coingecko)
These breakouts highlight that despite Bitcoin’s dominant position, capital is actively flowing into specific narratives and altcoins within the crypto market.
Read original story [LIVE] Crypto News Today, October 3 – Bitcoin Price Breaks $120K As Altcoin Season Index Rises To 66: Best Crypto To Buy Now? by Fatima at 99bitcoins.com