Key Points
- The crypto market cap fell to $2.201 trillion at the start of October but shows signs of recovery.
- Memecoins also experienced a drop but have rebounded to a market cap of $49 billion by the 7th of October.
The cryptocurrency market experienced a significant decline at the beginning of October, with the market cap falling from $2.4 trillion to $2.201 trillion.
However, signs of recovery are noticeable, particularly in the memecoin sector.
Previous Week’s Market Trends
The past week was marked by a substantial drop in the cryptocurrency market.
Notable losses were experienced by major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as memecoins.
The memecoin market, in particular, experienced a sharp decline, with the market cap falling from around $52 billion at the end of September to $42.7 billion by the 4th of October.
However, the market shows signs of bouncing back.
Recovery Prospects for the Crypto Week Ahead
The upcoming week could bring some relief for memecoin investors.
The memecoin market cap has risen to over $49 billion as of the 7th of October, indicating a potential rebound.
This recovery in the memecoin sector suggests potential upward momentum in the crypto market in the coming days.
The overall cryptocurrency market cap has also shown signs of recovery, rising to around $2.285 trillion.
Major cryptocurrencies like Bitcoin and Ethereum need to continue their upward movement for this recovery to gain traction.
Bitcoin was trading around $62,200, down from $64,000 earlier, while Ethereum was trading near $2,430, down from $2,600 last month.
The upcoming week shows promise for a market recovery, driven by rebounds in memecoin valuations and a gradual improvement in overall market sentiment.
If key assets such as Bitcoin and Ethereum can sustain positive trends, the market capitalization could experience further gains in the near term.