Later, Sh*tember, it’s been real. Don’t let the door slam you on the way out. Bitcoin, Ethereum and much of the crypto market have welcomed the new month with a strong rebound rally today.
It’s almost like it was prophesied by an oracle… or just by a good deal of Crypto Twitter keeping hopium alive during a jittery September. A month rocked by China property wobbles, China bans and US regulatory blustering. Was there anything else? Did Cardinal Pell reveal himself as the real Satoshi, perhaps?
To demonstrate just how regularly crap September is for crypto, and how it usually fares much better in the last three months of the year, this chart has been a popular go-to with influencers and analysts. A repeat of October and November’s 2018 wouldn’t be much fun. But 2013’s would.
And as you can see, the “Uptober” prophecy is off to a decent start. Not that we want to tempt fate, of course. There’s no guarantee another FUD storm won’t blow in any minute.
But this is crypto. Fate tempting is almost as essential as posting “gm” on Twitter seconds after waking up each morning and anxiously checking your portfolio.
Even Snoop “Cozomo” Dogg is doing it. Who knows, maybe he even started it…
Gm
— Cozomo de’ Medici (@CozomoMedici) October 1, 2021
As we frantically try to bang out this update before the narrative completely changes at the drop of a hat (or a market cap)… here’s where the land lies with the top coins right at this very minute. It’s a healthy-looking one, with the overall crypto market cap up 8.9% and enjoying the air above US$2 trillion once more.
Raoul Pal – a former Goldman Sachs exec, turned crypto analyst/economist, reckons things look “luscious” for Bitcoin…
The Bitcoin long term log chart looks pretty luscious. Who knows if the wedge breaks on first attempt but a consolidation pattern of this magnitude usually leads to a very, very powerful upside move. #BTC pic.twitter.com/qVIt8XxGgT
— Raoul Pal (@RaoulGMI) October 1, 2021
… and for Ethereum, too.
Talking of luscious charts, the ETH/BTC cross has seen a lovely consolidation and should move to near double from here if and when the wedge breaks. #Ethereum pic.twitter.com/ivfokmj5AK
— Raoul Pal (@RaoulGMI) October 1, 2021
Pal, CEO of the RealVision finance/crypto media channel, is a popular and prominent figure within the cryptoverse. And while he absolutely believes in Bitcoin longterm, he’s become a huge Ethereum fan, recently stating he made a strategy shift to heavily weight his significant crypto position with the no.2 crypto. Maybe he’s not so popular with the Bitcoin maxis right now.
To @RaoulGMI, ETH is “the greatest trade.” He breaks it all the way down for us in this clip below.
After watching, it’s hard to disagree. What do you think? pic.twitter.com/KUVZad7SVb
— Bankless 🏴 (@BanklessHQ) September 5, 2021
Mooners and shakers
Throw a dart at the market cap charts today and you’ll probably hit a solid gainer, as well as cracking your screen.
Some of the most notable overachievers within the top 100 today include: Solana (SOL) +14% in the past 24 hours; Polkadot (DOT) +11.35%; Uniswap (UNI) +11%; VeChain (VET) +18.14%; play-to-earn gaming champ Axie Infinity (AXS) +28.23%; Tezos (XTZ) +14.16%; Elrond (EGLD) +16.3%; Near Protocol (NEAR) +17.7%; Arweave (AR) +15.66%; and South Korean-built smart-contract platform Icon (ICX) +23%.
In the top 3,000 cryptos today, we only count six in double-digit loss territory at the time of writing. Mostly too obscure to mention, but here’s one we covered a while back – RealFevr (FEVR), an NFT fantasy football project, which is down 12.42% since this time yesterday.
Thanks for the memeories
On a day when El Salvador reportedly mined its first Bitcoin using a Volcano…
Volcano mined #bitcoin is just cooler! https://t.co/0sFcnGePfa
— Lark Davis (@TheCryptoLark) October 1, 2021
… we’ll leave you with these neat summaries of other recent events in crypto. Let’s hope the Uptober market uptrend doesn’t cut off as abruptly as these two meme-tastic videos.
— SOΛP ❁ (@DJ_Soap) October 1, 2021
