Bitcoin Nears $1T Market Cap Retest After Price Hits 4-Month High

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Bitcoin market cap

Bitcoin (BTC) took a downturn from $54,000 on Thursday, Oct. 7 as traders eagerly waited to see how much of a retracement of Wednesday’s $5,000 gains would go.

Information from TradingView showed BTC/USD looking intentionally less confident Thursday, down 3% and approaching $53,000 — and its $1-trillion market capitalization — before finally making a recovery.

The pair had hit a 4-month high of $55,800, its best since May. But it didn’t take too long before the promising markets started showing signs of fatigue.

As the volatility was still evident, analysts had to start seizing the opportunity to zoom out from spot price action once more.

According to Rekt Capital, history shows that BTC usually enjoys a positive monthly return of +32% on average, in the month of October. And going by the fact that this is just the first week of the month, and $BTC has already gathered +29%, then the signs are good.

Quite an impressive one might say, as such a performance could be signaling the start of consolidation, positioning Bitcoin to create higher support before forcing its way through to a projected $63,000 by month-end.

If this kind of monthly close happens, which has already been dubbed the “worst-case scenario,” it would still beat average historical gains for October by a long shot.

Meanwhile, the best year on record so far is 2017, when BTC/USD added 47%.

Dogecoin leading the pack in the altcoins world

Amid Bitcoin’s gains on Thursday, Altcoins have continued to drag their feet — in a way that’s caught the attention of even the mainstream media.

Weekly gains on BTC/USD were being matched only by Dogecoin (DOGE), in a similar fashion to what happened in the first quarter of the year.

Both were up 25% over the last seven days as at the time of writing this report. The largest altcoin Ether (ETH) was quieter, however, posting 20% weekly returns and hovering around $3,575.

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