The crypto market saw a 2.2% rise to $2.76 trillion over the past day, driven by bargain hunters who stepped up their activity late on Thursday. This upward movement brought the market back to its 50-day moving average, signaling bullish sentiment. October, known as 'Uptober' in the crypto world, has historically been a strong month for cryptocurrencies, which may explain the broad-based growth despite a weak start to the month.
Among the top 100 coins, only two saw declines over the past 24 hours. The most liquid coins experienced gains ranging from 16.9% for Basic Attention Token (BAT) and 11.7% for Aptos (APT) to more modest increases of 1% for Bitcoin (BTC) and 0.6% for Tron (TRX). Bitcoin, trading at $82,000, saw steady buying during its dip below $80,000, avoiding a close below the 50-day moving average, which continues to act as support for the uptrend.
Standard Chartered Bank revised its growth forecast for the stablecoin market, now expecting the market capitalization to reach $2 trillion by 2030 due to a slowdown in token supply growth. Meanwhile, asset management firm VanEck withdrew its application to the SEC for the VanEck Lido Staked Ethereum ETF. Ripple announced the launch of perpetual real-world asset (RWA) swaps via its Ripple Prime service for institutional clients, covering over 100 reference markets.
Hacken reported that losses from hacks on crypto projects over the past three months reached $1.18 billion, with the biggest losses suffered by Bitget ($387 million), Liquid Network ($120 million), and Tectonic lending protocol ($120 million). Peter Schiff, head of Euro Pacific Capital, argued that gold has a better chance of increasing tenfold over the next five years than Bitcoin, which he believes could even crash entirely if demand falls.