Crypto Market Rises 1.4% to $2.92T, Bitcoin Targets $94K

The cryptocurrency market has seen a 1.4% increase in value over the past 24 hours, reaching $2.92 trillion. Despite the dollar strengthening, the rise in value is attributed to a flight from European assets. This marks the fourth consecutive month to start on a positive note, with October typically being a good month for cryptocurrencies.

The top performers over the past 24 hours were Aave, Aptos, and Litecoin, with gains of 11.8%, 7.2%, and 4.8% respectively. On the other hand, NEAR Protocol, IOTA, and Cosmos saw declines of 5.8%, 1.3%, and 1.2% respectively. If the trend continues, the ratio of rising to falling coins is close to 3:1.

Bitcoin is attempting to break through the $86,000-$87,000 range, which could lead to a potential upswing to $94,000 if successful. However, the release of US labour market statistics could either accelerate the rally or reverse the trend, depending on the outcome. A strong report may lead to a price correction in risk assets, including Bitcoin.

The crypto market has had a positive third quarter, with Bitcoin posting a 42.7% gain. Investors poured $6.34 billion into US spot Bitcoin ETFs over the three months, compared to outflows of around $5 billion in the second quarter. Citigroup has raised its 12-month forecast for Bitcoin from $82,000 to $113,000, citing increased activity in the crypto market and a favourable macroeconomic backdrop.