The global crypto market has gained bullish momentum as investors hop on the “Uptober” bus — a bullish term used by traders.
According to data provided by CoinMarketCap (CMC), the global crypto market capitalization has risen by 0.82% in the past 24 hours, reaching a six-week high of $1.09 trillion. The total market cap dropped to the $1 trillion mark on Sept. 12, marking a six-month low.
The bullish momentum comes as traders believe that another bull run could soon be triggered in October. According to data provided by Santiment, the social volumes for terms like “Uptober,” “green,” and “Bitcoin 28k” have skyrocketed by the end of September.
Moreover, the majority of the discussions, per Santiment, come from Reddit and X (formerly Twitter).
Bitcoin (BTC) just reached a six-week high of around $28,310 earlier today and is trading at $27,707 at press time. The asset’s market cap is standing at over $540 billion, with a $19.93 billion 24-hour trading volume at the time of writing.
Bitcoin’s dominance currently stands at 49.7%.
Top two gainers
Bitcoin SV (BSV) secures the top gainer spot among the top 100 cryptocurrencies with a 22.07% surge in the past 24 hours.
BSV is currently trading at $38.77 with a market cap of over $746 million. Its 24-hour trading volume is up by 1090%, reaching $162 million.
eCash (XEC) marked a 7.33% surge over the past 24 hours, securing the second spot among the top 100 assets. XEC is trading at $0.00002678 with a market cap of $522.54 million at the time of writing.
On the other hand, the percentage of stablecoins’ supply held by whales has been consistently falling over the past month. This could suggest that the main drivers of the recent bull run could be smaller investors, which could ultimately suggest lower volatility.