Cryptocurrencies Record Gains, Crypto Market Cap Hits $1 Trillion

• The cryptocurrency market capitalization hits over $1 trillion.
• Bitcoin reached $20,469 while majority of cryptocurrencies recover gains.
• The S&P 500 index also spiked by 5.7%.

The crypto market rallied as the market capitalization beat the $1 trillion mark with major cryptocurrencies trading in green on October 5, reported by CoinGecko. Among the cryptos recording gains were Bitcoin, Ethereum, and meme coins like Shiba Inu and Dogecoin.

The most popular cryptocurrency, Bitcoin hit its highest since September 13 at $20,469 on the Bitstamp Exchange, while other altcoins including Ethereum and XRP also soared.

However, the most trending cryptocurrency today is the Santos FC Fan Token. While today’s highest gainer was Elrond, up by 7.5% at $52.83, Terra Classic lost 6.9% in 24 hours, trading at $0.0003109.

Meanwhile, other altcoins like Solana’s price increased 1.9% on October 4, adding up to $33 while Ripple’s 24-hour trading volume stood at $1.8 billion after a 0.88% increase. In addition, Dogecoin soared by 0.54% to $0.06009, and Shiba Inu was up by 0.22% to $0.0000113.

Moreover, cryptocurrencies continue to rally simultaneously with US equities. For instance, the Dow recovered 1500 points in 8 hours, while the S&P 500 Index escalated by 5.7%, accounting for its top two-day gain since 2020.

However, UBS Global Wealth Management chief investment officer Mark Haefele warned that the market continues to be volatile and while the current bulls indicate recovery, it doesn’t call for celebration. In addition, a 75 basis points hike in the short-term investment rate is anticipated by the US Federal Reserve fourth time in a row.