On October 2, Bitcoin fell to $61K amid significant ETF outflows, leading to a 3.46% drop in total market capitalization. Ethereum, Solana, and XRP also faced declines, while FTX and EigenLayer saw notable gains. Overall, the crypto market remains volatile, with increased trading volumes indicating active investor participation despite the downturn.

On October 2nd, the cryptocurrency market witnessed significant fluctuations, with Bitcoin (BTC) retracting to approximately $61,000 amid considerable outflows from Bitcoin Exchange-Traded Funds (ETFs). This downturn coincided with a rough trading day for several altcoins, although EigenLayer (EIGEN) and FTX Token (FTT) emerged as notable gainers. The overall cryptocurrency market capitalization decreased by 3.46% to $2.17 trillion, while trading volumes surged by 44.09% to $115.97 billion. As BTC dropped to $61,867, with nearly a 3% decrease over the previous 24 hours, the coin’s intraday limits ranged from a low of $60,189.28 to a high of $64,110.98. Ominously, Bitcoin ETFs recorded massive outflows of $242.53 million as of October 1, which pressured Bitcoin’s price. However, Bitcoin’s dominance still saw a slight increase of 0.4%, settling at 56.31%, while its market cap was approximately $1.22 trillion. Ethereum (ETH) slid over 5%, trading below $2,500, with intraday fluctuations between $2,415.08 and $2,657.62, alongside a market cap of $299.88 billion. Simultaneously, Twelve (SOL) experienced a 5% decline to $147, and XRP fell by over 3% to $0.6019. Even gauges of the meme coin market weakened, as Dogecoin (DOGE) and Shiba Inu (SHIB) both faced declines exceeding 8% over the past 24 hours. Interestingly, several cryptocurrencies did manage to gain, with FTT increasing nearly 13%, and EIGEN rising slightly over 10%. Conversely, notable losers included Starknet (STRK), which saw a significant drop of nearly 15%, along with Injective (INJ) and Arweave (AR), which both experienced declines approaching 14%.

The cryptocurrency market is characterized by its volatility, which often results in sudden price changes driven by trader sentiment, market news, and macroeconomic factors. Recently, Bitcoin has faced substantial selling pressure attributed to large outflows from ETFs, which has adversely impacted its price and investor confidence. The broader market similarly felt the strain as several altcoins mirrored Bitcoin’s movements, leading to speculation about future trends and market recovery. This context underscores the importance of monitoring market indicators, such as trading volumes and inflow/outflow data, to forecast potential price movements in the ever-evolving crypto landscape.

In summary, the cryptocurrency market experienced notable volatility on October 2, with Bitcoin retreating to around $61,000 amidst significant ETF outflows. While major cryptocurrencies like Ethereum and Solana followed the downward trend, some tokens like FTX and EigenLayer stood out with gains. The fluctuating nature of the market emphasizes the need for continuous observation and analysis as traders navigate this complex and rapidly changing environment.

Original Source: coingape.com

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