Oil Price Surge Has Little Effect on Crypto Market So Far

The price of Brent crude oil has surged to $103.64 on October 1, up 34% over the prior 90 days and 62% so far this year.

This significant increase in oil prices might have a ripple effect on various markets, but surprisingly, it hasn't had a detrimental impact on the crypto market.

Bitcoin has risen by 42% in the last three months, and other major cryptocurrencies like Zcash, Ethereum, Solana, and XRP are also holding up well.

The rise of inflation-resistant assets like Bitcoin is one explanation for this dynamic. Another factor could be the end of the crypto bear market, which bottomed out at the end of June.