HomeUncategorizedWhy is the crypto market up today? By Cointelegraph

Why is the crypto market up today? By Cointelegraph

October 23, 2023

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The crypto market is up today as (BTC), Ether (ETH), (XRP), Solana’s SOL (SOL) and numerous altcoins rally to restore the bullish momentum commonly associated with “Uptober.” Cryptocurrencies continued their positive growth, bringing the total crypto market cap up to $1.15 trillion on Oct. 23 while Bitcoin price flirts with the $31,000 level.

Crypto total market. Source: TradingView

Let’s examine three of the major factors influencing today’s crypto market rally.

Crypto market volume. Source: DefiLlama
Bitcoin returns by month. Source: Newhedge
Digital asset fund inflows by week. Source: CoinShares
Bitcoin dominance versus crypto market. Source: Coinglass
Bitcoin liquidations. Source: Coinglass
Bitcoin short vs. long ratio. Source: Coinglass
Bitcoin Fear & Greed Index. Source: Alternative.me