The crypto market experienced an upswing today led by major tokens such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The global market capitalization increased by 1.8%, reaching approximately $2.23 trillion. Bitcoin surged past $66,000, showing significant price momentum. Ethereum co-founder Vitalik Buterin also shared insights on Ethereum's progress after the Merge, discussing opportunities for further improvement. These developments reflect growing optimism and positive trends in the crypto market.

The crypto market is in the greed territory today, with the Crypto Fear & Greed Index increasing from 48 to 65.  Bitcoin (BTC) has shown positive momentum, trading above $66,000 in the past 24 hours. Despite recent fluctuations, the overall market sentiment leans towards greed.

• Prices (UTC+8 8:00): BTC: $66,087, +5.11%; ETH: $2,630, +6.53%

• 24-hour Long/Short: 52.1%/47.9%

• Today’s Fear and Greed Index: 65 (48 24 hours ago), level: Greed

Crypto Fear & Greed Index | Source: Alternative.me

Read More: MicroStrategy Eyes Trillion-Dollar Valuation, WLFI Token Sale Approaches, and Bitcoin Search Volume Drops to Yearly Low: Oct 14

Top 24-Hour Performers 

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1. Fed’s Kashkari suggests that additional “moderate” rate cuts are advisable.  

2. Tether is considering offering loans to companies in the commodity trading sector.  

3. Deutsche Bank will offer foreign exchange services to the crypto market maker Keyrock.  

4. Telegram plans to establish an office in Kazakhstan to enhance its regulatory compliance efforts.  

5. HashKey is set to launch a tokenization initiative next year.  

6. The Bitcoin staking platform Solv Protocol has secured $11 million in funding, with investors such as Laser Digital and Blockchain Capital, and is now valued at $200 million. 

Vitalik Buterin shared thoughts on Ethereum’s potential upgrades in a blog post on Oct. 14. He focused on faster transaction speeds and better access for solo stakers. After the Merge, which moved Ethereum to proof-of-stake, the network still takes up to 15 minutes for transactions. This causes delays and congestion. Due to the current staking barriers, Buterin wants to reduce the staking requirement from 32 ETH to 1 ETH, which could help more people participate in securing the network.

On Oct. 14, Bitcoin jumped above $64,000, leading to more than $100 million in liquidations. Bitcoin hit a high of $64,173, its best level since late September. This price spike forced the liquidation of over $101.4 million in short positions, including $52.33 million in Bitcoin shorts. Overall, 54,649 traders were liquidated for $166 million.

Bitcoin’s rise reflects growing positive market sentiment. It gained 2.1% in the last 24 hours and reclaimed the $64,000 range after weeks of trading lower. This movement pushed Bitcoin’s dominance back to over 58%, a level not seen since April 2021. Ethereum also saw a boost, hitting a two-week high of $2,540 after gaining 2.9%.

Bitcoin short sellers made up over half of the short liquidations in the past 24 hours. Source: CoinGlass

Coingecko’s Q3 2024 report showed that the global crypto market cap dropped 1%, losing $95.8 billion. However, decentralized finance (DeFi) and NFTs continued to grow. Prediction markets saw a 565.4% increase, led by Polymarket. Ethereum layer two (L2) networks also grew by 17.2%, with the Base network making up 42.5% of that activity. Memecoins are  the top-performing digital asset sector in 2024, driven by new token creation on Solana, Tron, and most recently, Sui. The Sui memecoin space is among the most trending, following Solana memecoins and Tron memecoins in the crypto market lately. 

CoinGecko’s Q3 report emphasizes a market characterized by resilience and changes in dominance. The evolving landscape of exchanges reveals ongoing competition among key players, indicating that innovation and adaptability will shape the future of the cryptocurrency sector.

Source: CoinGecko

Coingecko’s COO and co-founder, Bobby Ong stated, “In the final quarter of 2024, we’ll closely monitor geopolitical and macroeconomic factors—particularly the U.S. Presidential Elections and Fed monetary policy decisions—unfold.”

Read more: Memecoins Surge, Upbit Under Fire for Monopoly Concerns, and More: Oct 11

Bitcoin’s rise above $66,000 shows how quickly its price can change. While its performance is impressive, it remains highly volatile. If you plan to invest in Bitcoin, only put in money you’re comfortable losing. Diversifying your investments can help reduce the impact of Bitcoin’s fluctuations.  As detailed in Coingecko's Q3 report, the broader market has faced fluctuations, with a slight decrease in market capitalization alongside notable growth in decentralized finance and NFTs. The changing dynamics within major exchanges also reflect the competitive nature of this space.

In summary, the cryptocurrency landscape is marked by both opportunities and challenges. If you’re looking to invest, stay informed about market trends, and always prioritize risk management by diversifying your portfolio. As always, investors should remain cautious in navigating both opportunities and risks in this dynamic market. Stay tuned to KuCoin news for the latest trends and updates.