“Cryptos Recover as October Weekend Approaches: Uptober?”

Cryptocurrencies are trying to recover from the market slump caused by geopolitical tensions ahead of the first weekend of October.

On October 4, major cryptocurrencies and the total market capitalization of digital assets rose by more than 2% as market leaders like Bitcoin (BTC) and Ethereum (ETH) made notable price recoveries by the time of publication. Almost $36 billion flowed into Bitcoin, driving BTC’s price over $62,300—an increase of 3%. Ether’s 4% rise brought ETH to more than $2,400, while Solana (SOL) approached $145, according to CoinGecko.

Memecoins, particularly those on the Solana network, saw significant gains in line with the broader market’s upswing as the weekend approached. Tokens such as Gigachad (CHAD), Michi (MICHI), Popcat (POPCAT), and dogwifhat (WIF) surged 20%-40% in the last 24 hours.

Weekly market recovery for crypto remains in question

Daily price increases only partially recovered the losses caused by military conflicts in the Middle East. Global economies and assets lost hundreds of millions swiftly as Iran struck Israel with missiles.

This subsequent pullback left the total cryptocurrency market cap with a red candle on the weekly chart. Digital assets had managed to close in the green for three straight weeks in September, a month that typically sees bearish trends for cryptocurrencies.

Historical trends support a bullish Q4

The digital asset market would need an 8% rebound to reach last month’s closing figures, and experts have suggested that a rise in the crypto market may be on the horizon. Bitcoin has recorded a bullish October in the last three instances when BTC ended September with a green monthly candle. Historically, it has surged in Q3’s first month nine out of eleven times, regardless of the previous month’s performance.

Moreover, since 2013, Bitcoin has averaged price gains of 22%, 46%, and 5% in the last three months of each year.