Crypto Price Analysis 10-2: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, ARBITRUM: ARB, INTERNET COMPUTER: ICP

The cryptocurrency market has continued its impressive recovery, up over 3% as Bitcoin (BTC) and other cryptocurrencies traded in positive territory. BTC traded around $116,000 on Wednesday before rallying to an intraday high of $119,451 during the ongoing session. However, it lost momentum and moved to its current level, up over 2% at $118,808. 

Meanwhile, Ethereum (ETH) briefly crossed the $4,400 mark, reaching an intraday high of $4,414 before moving to its current level of $4,390. The altcoin has risen almost 2% in the past 24 hours. Ripple (XRP) is up over 1%, while Solana (SOL) is up over 3%, trading around $225. Dogecoin (DOGE) registered substantial bullish sentiment over the past 24 hours, up 6%. Cardano (ADA) is up 2.57%, while Chainlink (LINK) is up over 1%, trading around $22.50. Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Polkadot (DOT), and Toncoin (TON) also registered substantial increases over the past 24 hours. 

Japanese Loan Provider MBK Announces $2 Million Bitcoin Investment 

Japanese loan giant MBK has announced the purchase of $2 million worth of Bitcoin (BTC) and a partnership with a major domestic cryptocurrency exchange. The deal will see MBK partner with FINX JCrypto, the entity behind the Coin Estate exchange. MBK stated in a press release that it had acquired 300 million yen ($2,037,836) worth of BTC using its balance sheet. The acquisition, signed off by the company’s board, allowed the firm to acquire 17.7 BTC for 17 million yen ($115,529) per coin. The company added that it was investing in the asset to protect itself against the prolonged depreciation of the yen and inflationary forces. It said that besides using BTC for investment purposes, it will also use the coins to provide its own real estate services. 

MBK also plans to leverage FINX JCrypto’s expertise in real estate transactions and crypto-powered settlements to enhance the reliability and safety of its Bitcoin-powered property settlement services. 

No Reason For An Altcoin Season 

Vugar Usi Zade, the operating chief of Bitget, believes the market is unlikely to witness an altcoin season. Usi Zade argued that markets are focused on narrower trends or solely on Bitcoin (BTC). He stated during an interview, 

“I don’t think there will be an altseason. The whole idea that ‘this is altseason [...] and everything will go up because it’s altseason,’ we won’t see that, and I’m very firm in that. I don’t think we will see that huge pump, unfortunately, because there’s no logical reason behind it. There haven’t been any technological advancements. We haven’t seen any big things coming out of projects. Why would the price go up? Just because now it is the time? It’s not.”

According to Usi Zaidi, the market is moving away from altcoin seasons, with shorter and more frequent cycles as the market decouples from Bitcoin. 

“Bitcoin is its own rally; its impact is almost zero on the rest of the market. Bitcoin decoupled not only from the stock market, but it also decoupled from altcoins. We’ve seen so many instances where Bitcoin is the only one in the green, and then the entire market is red. Money is not flowing from Bitcoin down to the alts.”

Crypto Treasury Bubble Fears Overblown 

TON Strategy CEO Veronika Kapustina believes that while many fear the trend of digital asset treasuries is showing signs of a bubble, such fears are overblown, and that the long-term outlook is positive. Kapsutina stated during the Token2049 conference,

“I think, look, obviously, it looks like it’s a bubble. As in, all the indicators look like it’s a bubble.” 

She explained that digital asset treasuries are different from other bubbles seen in crypto because they are a new segment of finance. 

“So we’re now having smarter investors look at it closely and really differentiate the wheat from the chaff.”

She called digital asset treasuries a bridge between traditional finance and crypto, adding that she does not believe there will be a crash. However, she conceded that there could be consolidation as newly launched treasuries struggle to reach their target. 

“There’s a lot of excitement for a surge in something new. Then it peters out, and a bit of consolidation, and then the real medium to long-term capital comes in.”

Bo Hines Discusses GENIUS Act 

Bo Hines has revealed he is proud to be associated with the GENIUS Act. Speaking at a fireside chat at Token2049 in Singapore, he called the process “phenomenal.” Hines stated, 

“The President has built a team that can actually move at tech speed in order to do this. We understand the need to move expeditiously, and I think that we acted on that.”

Hines stepped down as the executive director of the White House Crypto Council to pursue an opportunity in the private sector. Hines has joined stablecoin giant Tether as a Strategic Advisor for its new stablecoin, USAT. Hines added 

“Obviously, I am out of my government role now, I’d love to see the government set a standard in terms of what tech integration could look like.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) rallied on Wednesday as trading activity surged after investors turned to cryptocurrencies, thanks to the US government shutdown. The flagship cryptocurrency has been bullish all week, crossing $114,000 on Monday. It registered a marginal decline on Tuesday but rebounded on Wednesday, rising over 4% to cross $118,000 and settle at $118,659. BTC is marginally up during the ongoing session, trading around $118,773. 

According to data from Coinglass, derivatives volume jumped 50.6% to $122.8 billion. Meanwhile, open interest rose 6% to $86.6 billion. Rising open interest and higher volume suggest renewed positioning from traders rather than short-term speculation. The rally has pushed the crypto market capitalization past $4 trillion, adding weight to the “Uptober” theory. BTC and the broader market rally coincided with the first US government shutdown since 2018. The latest shutdown went into effect on October 1 after Congress failed to approve a budget. 

The standoff was because of spending cuts and healthcare subsidies. Traditional markets were rattled after the shutdown, with the S&P falling 0.6%. The USD also weakened while foreign stocks registered substantial outflows. Meanwhile, BTC and other cryptocurrencies rallied after the shutdown as investors moved capital to safe havens. As a result, the flagship cryptocurrency briefly crossed $119,000 before moving to current levels. Recent regulatory and policy developments have also helped. Additionally, spot Bitcoin ETFs recorded $1 billion in inflows in late September, while BlackRock’s IBIT crossed $80 billion in assets. 

The rally puts BTC above several key levels. The RSI and MACD indicate market sentiment is bullish, indicating growing buyer momentum. 

BTC ended the previous weekend in the red, dropping 0.41% to $115,282 on Sunday. Selling pressure intensified on Monday as the price fell by over 2% to $112,736. Sellers retained control on Tuesday with BTC falling 0.64% to a low of $111,502 before settling at $112,017. Despite the overwhelming selling pressure, BTC recovered on Wednesday, rising over 1% to reclaim $113,000 and settling at $113,348. Bearish sentiment returned on Thursday as BTC plunged nearly 4%, slipping below $110,000 and settling at $109,035.

Source: TradingView

BTC recovered on Friday, rising 0.61% but was back in the red on Saturday, registering a marginal decline and settling at $109,681. Bullish sentiment intensified on Sunday as BTC rallied, rising over 2% to cross $112,000 and settle at $112,197. Buyers retained control on Monday as the price rose almost 2% to cross $114,000 and settle at $114,365. Despite the positive sentiment, BTC fell to a low of $112,695 on Tuesday. However, it recovered from this level to settle at $114,067, ultimately registering a marginal decline. Bullish sentiment returned on Wednesday as BTC rallied, rising over 4% to cross $118,000 and settle at $118,659. BTC is marginally up during the ongoing session, trading around $118,900 as buyers look to push it beyond $119,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) briefly crossed the $4,400 psychological ceiling as its rally pushes it towards key resistance levels. The altcoin has been bullish all week, crossing $4,200 on Monday. However, it registered a 1.72% drop on Tuesday before recovering on Wednesday to rally almost 5% to $4,349. ETH is up nearly 1% during the ongoing session, trading around $4,390.

ETH’s rally and move above $4,400 is being driven by macro and sentiment-driven catalysts. One of the rally’s primary drivers is the growing hype around crypto ETFs, especially multi-asset and altcoin ETFs. The US market is bracing for what analysts are calling “ETF month,” with the SEC set to take a final decision on at least 16 crypto ETFs backed by Solana (SOL), Dogecoin (DOGE), and Ripple (XRP). Meanwhile, regulators in Thailand are also drafting regulations to expand the ETF market to include more altcoins, besides BTC.

Whale accumulation of ETH is also rising. According to Coinglass, daily spot trading volumes have risen to $7.17 billion, while futures trading has crossed $97 billion. Open interest has also increased by 2% to $59 billion.

The altcoin crossed $4,400 during the ongoing session, but could not stay above this level, ultimately dropping to its current level. ETH’s RSI is sitting around 55, while the MACD is showing a bullish tilt.

ETH ended the previous weekend down almost 1% at $4,479. Selling pressure intensified on Monday as the price fell nearly 6% to $4,202, but not before dropping to an intraday low of $4,079. Sellers retained control on Tuesday as ETH fell almost 1% to $4,166. The price registered a marginal drop on Wednesday before plunging nearly 7% on Thursday as bearish sentiment intensified. As a result, ETH fell below the crucial $4,000 mark and settled at $3,876. Despite the overwhelming selling pressure, ETH recovered on Friday, rising over 4% to reclaim $4,000 and settle at $4,014.

Source: TradingView

ETH registered a marginal drop on Saturday but regained momentum on Sunday, rising over 3% to settle at $4,144. Buyers retained control on Monday despite selling pressure as ETH rose almost 2% to cross $4,200 and settle at $4,218. Despite the positive sentiment, the price fell nearly 2% on Tuesday and settled at $4,145. ETH recovered on Wednesday as the price rallied, rising almost 5% to cross $4,300 and settle at $4,349. ETH is up over 1% during the ongoing session, trading around $4,395 as it looks to reclaim $4,400.

Solana (SOL) Price Analysis

Solana (SOL) crossed the $220 mark on Wednesday as its impressive rally shows no signs of slowing down. The altcoin has been trading upwards since Friday and crossed $210 on Monday. However, it was back in the red on Tuesday before rallying on Wednesday, rising over 6% to cross $220 and settle at $222. The current session sees SOL up over 2%, trading around $207.

SOL’s rally is due to markets being certain that there will be a Solana ETF. Bloomberg ETF analyst Eric Balchunas raised the odds of a Solana ETF to 100%. The analyst cited the new generic listing standards adopted by the United States Securities and Exchange Commission (SEC). The new regulations removed several traditional barriers that previously delayed ETF approvals. Several asset managers, including Franklin Templeton, VanEck, and 21Shares, have filed for a Solana ETF. Issuers have already submitted revised filings to comply with the SEC’s new guidelines. Grayscale’s SOL ETF has its deadline on October 10, while others are set for October 16.

SOL traded in bearish territory on Sunday (September 21), dropping 1.36%. Selling pressure intensified on Monday as the price fell nearly 7% to $220, but not before dropping to a low of $213. Sellers retained control on Tuesday as SOL fell over 3% and settled at $213. The price fell to an intraday low of $204 on Wednesday. However, it recovered from this level to settle at $211, ultimately falling 0.77%. Bearish sentiment intensified on Thursday as SOL fell almost 9%, slipping below $200 and settling at $192. Despite the overwhelming selling pressure, the price recovered on Friday, rising over 6% to reclaim $200 and settle at $205.

Source: TradingView

Price action was mixed over the weekend, with SOL falling 0.83% on Saturday to $203. However, it was back in positive territory on Sunday, rising nearly 4% and settling at $210. Buyers retained control on Monday as the price rose almost 1% to $212. Despite the positive sentiment, SOL was back in the red on Tuesday, dropping over 2% to $208. Bullish sentiment intensified on Wednesday as the price rallied, rising almost 7% to cross $220 and settle at $222. SOL is up 1.46% during the ongoing session, trading around $226.

Arbitrum (ARB) Price Analysis

Arbitrum (ARB) ended the previous weekend in the red, dropping 2.53% on Sunday to $0.480. Bearish sentiment intensified on Monday as the price fell by over 9% to $0.436. Sellers retained control on Tuesday as ARB fell over 1% and settled at $0.432. It attempted a recovery on Wednesday, reaching an intraday high of $0.444. However, it could not stay at this level and fell to $0.429. Selling pressure intensified on Thursday, and the price fell 5% to $0.408. Despite the overwhelming selling pressure, ARB recovered on Friday, rising 4.29% and settling at $0.425.

Source: TradingView

Price action was mixed over the weekend as ARB registered a marginal drop on Saturday before rising 1.44% on Sunday and settling at $0.430. Selling pressure returned on Monday as the price fell almost 3% to $0.417. ARB fell to an intraday low of $0.403 on Tuesday before recovering and moving to $0.421, ultimately rising 0.89%. Bullish sentiment intensified on Wednesday as the price rose over 3% to $0.435. ARB is up over 1% during the ongoing session, trading around $0.441.

Internet Computer (ICP) Price Analysis

Internet Computer (ICP) started the previous week in bearish territory, dropping over 8% on Monday and settling at $4.32. The price recovered on Tuesday, rising 0.46% to $4.34. It was back in the red on Wednesday, dropping almost 1% to $4.31. Selling pressure intensified on Thursday as ICP fell nearly 5% to $4.10, but not before reaching an intraday low of $4.01. The price recovered on Friday, rising over 3% to $4.23.

Source: TradingView

Price action was positive over the weekend as ICP registered a marginal increase on Saturday and almost 2% on Sunday, settling at $4.30. The price was back in the red on Monday, dropping nearly 1% to $4.26. Sellers retained control on Tuesday as ICP fell to an intraday low of $4.09 before settling at $4.22, ultimately dropping 0.94%. The price rallied on Wednesday, rising over 6% and settling at $4.49. ICP is marginally up during the ongoing session, trading around $4.50.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.