Here’s a lowdown of the biggest events in the crypto world last week:
Dollar is Down, But Bitcoin Rides to A New All-time High 🚀
It’s barely a week into October (or “Uptober” like the crypto folks call it), and Bitcoin is already reminding everyone who runs the crypto world. After a bloody September, the king of crypto smashed a new all-time high, crossing $125,000 on Sunday. That’s up nearly 14% in just seven days.
So, what’s fuelling the fire?
Well, the US government shutdown drama is dragging on. The Congress can’t agree on a budget, economic signals are frozen, and the dollar is weakening. Add in the Q4 rate-cut hopes and it’s easy to see why traders are pouring back into Bitcoin — especially Bitcoin exchange-traded funds (ETFs), with about $675.8 million in inflows last week alone.
And if history is anything to go by, Uptober’s magic is only just beginning. Nine of the last ten years have seen Uptober pump Bitcoin, and we could see newer highs before the year ends.
Altcoins Shoot Up Also 📈
Bitcoin isn’t the only one getting a glow up. Major altcoins have also been pumping hard, with most of them recording double-digit growth in the past week. Here’s a glimpse of how it went down:
- Ethereum (ETH) increased by over 12%
- Binance Coin (BNB) went up by nearly 19%
- Solana (SOL) surged by over 13%
- Dogecoin (DOGE) moved up by over 14%
- Aptos (APT) rallied by over 30%
Stablecoins Reach $300 Billion Valuation
Even stablecoins weren’t left out of the conversation as the stablecoin market reached $300 billion in value for the first time ever. The fraternal twins, Tether (USDT) and USD Coin (USDC) are still the biggest names.
As of the time of writing, USDT sits around $177B (or 58% of the market), while USDC has a market cap of over $75B. Ethena’s yield-earning stablecoin, USDe is a distant third at $14.83B (this is giving a big “don’t sleep on me” energy).
With new tokens like USDe rising fast, analysts are convinced that the end of the stablecoin duopoly is here, especially as the competition from yield-earning coins strengthens.
The bottom line is that the stablecoin industry is not slowing down. The top dogs like USDT and USDC still dominate, but yields, regulation, and new bank-launched tokens are shaking things up. So, $300B could just be the beginning of stablecoins getting their flowers 🌹.
Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢).
Please do your own research (DYOR) or speak to your financial advisor before making any decisions.
