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George Spencer

October 5, 2021

Global Cryptocurrency Market Cap Increases by 9%

The global cryptocurrency market cap is estimated at $2.12 trillion at the time of writing. The market is up by 9% thanks to the hike in prices of various cryptocurrencies. Bitcoin coin took the lead in the surge as it exceeded $48,000 during the last 24 hours. Data from Cryptocurrencies to Watch shows that bitcoin saw a $4k increase on the first day of October.

Ethereum ended last month down by 14% but have almost cover the losses with a 12% increase since the beginning of the new month beginning. Axie Infinity has made breaking its all-time high a daily duty – surging to a new one every day.

The recent improvement in market conditions has bolstered the conviction of a bullish fourth quarter. Many took to Twitter to express their convictions. One user, Crypto Vault said “In this fourth quarter of 2021, the digital asset market has transitioned from a pessimistic to an optimistic state of being as Bitcoin (BTC), the biggest and oldest cryptocurrency, finished last week with solid gains advancing into Uptober.”

The fourth quarter started with a lot of positivity, and a hint that it will be bullish till the end. Q4 has notably been the most productive for HODLers as it’s presumably the quarter with the highest increase.

We’ve had seven Q4 since 2015. Of the seven, only three were negative, while the crypto market saw gains in four. With this in mind, it is easy to conclude that this year’s last quarter will feature more uptrends like the rest.

How high will the market go? To answer this, we will consider bitcoin performance during this period. The highest increase BTC had is 210% and the lowest decrease is 40%. The king coin gains an average of 76% every Q4. Going by this, we may expect a than more 50% surge over the next three months.

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Other coins will also respond with upswings. With a dominance of more than 40%, the projected increase in bitcoin and other coins may propel the global crypto market cap as high as 50%. Considering an unforeseen change of event, the market may devalue by 20%.