Crypto markets came out of a bearish month and started Q4 of the year on a rapid rise with a mini boom. Many cryptocurrencies, especially Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), HIVE, started to rise rapidly today. The announcement by the Fed's chairman that they have no intention of banning digital assets was received positively in crypto markets and crypto markets revived after a bearish month and started the 4th quarter with a rapid rise.
Bitcoin (BTC)
Bitcoin (BTC) dropped from $52,920 to $42,760 on September 7, losing more than $10,000 in one day. Although it tried to recover later, it was unsuccessful in September. But on the first day of October, Bitcoin made a big jump, increasing by 9%. It is currently trading at $47,886. And the most important resistance appears at $48,000. If it surpasses $48,000 and manages to stay above it, the rise could accelerate further. Also, this could even trigger the bull season.
Ethereum (ETH)
Ethereum (ETH) fell from $4,027 to $2,652 in September. September was also one of the most bearish months for Ethereum. But Ethereum started the 4th quarter with a rapid rise and rose by about 8.8% in one day to reach $3,291. And it looks like the uptrend will continue. There is resistance at $3,360 for Ethereum but one of the most important resistances is at $3,450. If ETH manages to surpass these levels, it could accelerate its rise even more.
Binance Coin (BNB)
Binance Coin (BNB) had already started to recover in the last days of September, but today it accelerated its rise. Today it has increased by about 9.2% to reach $419. BNB, which was $ 320 on September 26, gained about 30% in 5 days. BNB has become one of the most rising cryptocurrencies in recent days. If the positive mood in the crypto markets continues, BNB may accelerate its rise even more.
HIVE
HIVE rose nearly 9.6% to $0.63 today. It was one of the top rising cryptocurrencies today. Although it regressed to 0.5 dollars 2 days ahead, it moved away from there and increased by approximately 25% in 2 days. Many cryptocurrencies fell due to the FUD news in September, but HIVE has recovered rapidly in the last 2 days. The rise in the last 2 days shows that HIVE signals that it will go even higher in October.
In late September, the number of Bitcoins (BTC) held by long-term holders reached a historic peak at 80.5% of the circulating BTC supply, according to Glassnode data. In other words, those who have been in the crypto markets for a long time and who know the crypto markets well seem to have increased their assets.
There was a negative mood in the crypto markets in September due to FUD news and ban news. Many cryptocurrencies have lost significant value. But today, the Fed chairman's announcement that he has no intentions to ban digital assets revived the crypto markets, and the negative mood suddenly turned positive. It is not actually possible to ban a decentralized currency, but this statement was still very important.
In short, many cryptocurrencies, especially Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), HIVE, have increased significantly today. After this increase, there may be price adjustment and some decrease. But if the positive mood in the markets continues, many cryptocurrencies can regain what they lost in a month in a very short time. Also, if some key price levels can be broken, this could trigger the bull season.