The month of October began with social media slogans of ‘Uptober’, but turns out it has now turned to ‘Octobear‘ as crypto markets have reportedly bled $200 billion since the beginning of this month.
When it comes to the market sentiment, Crypto markets have declined by around $200 billion (nearly 8%), since the beginning of this month. as of yesterday, falling 1.9% back to mid-September levels at $2.2 trillion
As of September 30, the market capitalization was 2,411,084,769,844, and at the time of writing, 2,201,800,998,880 which is similar to mid-September levels. The total crypto market volume over the last 24 hours is $80.9B, which makes a 11.95% decrease, according to Coinmarketcap data.
Onchain analytics platform, Santiment has reported that mentions of “Uptober” have decreased significantly since the beginning of the month, in an X post on October 4. Santiment also predicted that “the lack of optimism opens the door for (at least) a short-term bounce.”
🎃 Mentions of “Uptober” have declined significantly, painting a picture that traders have become much more bearish on the idea of this month being an automatic money printer for crypto. The lack of optimism opens the door for (at least) a short-term bounce. 📈 https://t.co/iACWMGPvSs
— Santiment (@santimentfeed) October 3, 2024
Since the beginning of the month, crypto twitter was brimming with the optimistic ‘Uptober’ fever but now, memes and mentions of “Selltober” and “Octobear” have overtaken the optimism.
Santiment founder Maksim Balashevich noted, “Uptober excitement wanes as the market dips, which does open the door for a rebound. Whether the bigger downtrend is over remains to be seen.”
Historically, October has been a positive month for Bitcoin- hence, the name ‘Uptober’- in fact, the past five consecutive Octobers, Bitcoin have seen traction from 5.5% to 40% over the month, including bear market years. As for this year’s October numbers, Bitcoin has lost around 4.7% so far this month.
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