Crypto Market Cap Hits $2.87 Trillion as BTC, ETH, SOL, XRP Prices Soar
The total crypto market cap has risen from $2.62 trillion on September 1 to $2.87 trillion, driven by significant gains in major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP).
Analysts are predicting that these four cryptos will close the month at specific prices: BTC is expected to reach as high as $87,000, while ETH could climb towards $2,900. SOL price is seen extending its uptrend to $130, and XRP might move up to $1.70.
The current market sentiment remains in 'greed' territory, with a fear and greed index reading of 70, indicating that investors are confident about future gains. This optimism could be fueled by recent inflows into ETFs for these cryptocurrencies, as seen in XRP's case where $117.44 million has flowed in this month alone.
However, market movements can also be influenced by geopolitics and external factors like the upcoming PCE Inflation release. Analysts suggest that technical indicators, such as moving averages, are currently bullish for these cryptos, but investors should remain cautious about potential price corrections or reversals.