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Sygnum November House View

Sygnum House View – Crypto bullish turn amidst macroeconomic uncertainty

Two pieces of fake news about the Bitcoin spot ETFs’ approval ignited a rally mid-October. Even though the news items were retracted, they shifted the narrative on the likelihood of an impending approval, and the rally stuck. As the catalyst was specific to Bitcoin, it led the market, rising 28.6 percent for the month. However, the rally fuelled even stronger price increases from tokens with a bullish narrative, such as AI-linked projects or Solana. Ethereum continued to underperform quite substantially, rising only 8.7 percent. The S&P Broad Crypto Market Index ended the month with +21.4 percent.

Bitcoin traded between USD 26,757 and USD 34,503 in October, and Ether traded between USD 1,540 and USD 1,804.

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