Bitcoin, Ethereum Surge as Markets Ignore Government Shutdown Fears
Leading cryptocurrencies jumped alongside stocks Wednesday as investors looked past government shutdown concerns.
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Cryptocurrency markets experienced significant gains Wednesday, with Bitcoin reaching an intraday high of $119,453.67, its strongest level since mid-August. Trading volume increased 31% to $76 billion. Ethereum broke through the $4,000 support level, hitting $4,381.41.
The global crypto market cap rose to $4.05 trillion, gaining 3.69% in 24 hours. October has historically been bullish for cryptocurrencies, with Bitcoin averaging 20% gains and Ethereum 4.74% during this period.
Major cryptocurrencies showed strong performance: Bitcoin (+3.67%), Ethereum (+4.82%), XRP (+4.13%), and Dogecoin (+6.77%). Stock markets also performed well, with the S&P 500 reaching record highs.
Despite potential government shutdown concerns that could affect 900,000 federal employees, market sentiment remained positive. Analytics firm CryptoQuant projects Bitcoin could reach $160,000-$200,000 in Q4, while analysts suggest Ethereum could rally 80-100% in coming weeks.
Original Article
benzinga.comhttps://www.benzinga.com/crypto/cryptocurrency/25/10/47986213/bitcoin-ethereum-dogecoin-xrp-shrug-off-shutdown-concerns-analytics-firm-projects-btcs-q4-s