The first month of autumn is over, and the fourth quarter has begun. Many coins have started the Uptober 2023 with a significant surge. Here is a quick brief on the current situation within the crypto market. Bitcoin, Ethereum, and Solana have spiked, but TON is left behind. Let’s discover the reasons.
Bitcoin finishes September green despite history
The first cryptocurrency rose by 3.91% in September, despite the fact that this is usually a red month for Bitcoin. October, as you can see in the screenshot below, is typically a green month. Due to this, the second month of autumn is often referred to as Uptober within the community.
Bitcoin's price reached $28,580, hitting its highest level since 29 August (black horizontal line). Now, its value has declined, and Bitcoin is currently trading at around $28,000.
The surge in price is unexpected — the news background around Bitcoin is not very positive as the US Securities and Exchange Commision (SEC) postponed the decision on most Bitcoin spot ETFs.
Ethereum rises due to registration and approval of futures ETFs
Ethereum also grew in September by a modest 1.46%. For the beginning of October, the asset managed to renew the maximum of August 29 (black horizontal line). Yesterday, its price reached $1,751. However, the second cryptocurrency now stands at $1,690.
In general, the asset behaves weaker than BTC, even despite the hype surrounding the launch of Ethereum ETFs futures trading. In addition, on October 2, Grayscale filed an application to convert its ETH trust into an Ethereum spot ETF similar to its BTC trust.
Solana rises despite the pressure from FTX sales
SOL increased 8.26% in September. During the first two days of October, its price jumped by 14%. Now, SOL is trading at about $24.
SOL is rising "against the market" as many were actually expecting its price to fall due to FTX being authorised to sell its assets. Among all the holdings of the bankrupt exchange, Solana has the highest amount.
TON declines amid the cooperation with Telegram
At the end of September, the price was up 20% and reached $2.6. However, a few days after the announcement about the integration of TON in Telegram, the decline began, and now the price of the coin is $2.05.
By the way, amid the decline of the coin, it left the top 10 in terms of capitalization again and at the moment occupies the 11th place.
To summarise, as we can see, the market often behaves unpredictably to most participants and against expectations: coins’ prices can rise no matter what the news is — bad or good.
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