Yeliz Akmaca 
The crypto market kicked off October with a strong rally. Bitcoin (BTC) and Ethereum (ETH) gained nearly 3%, while altcoins posted double-digit increases. Investor appetite for risk strengthened, with rising coins capturing market attention.
Among the top movers, privacy-focused cryptocurrency Zcash (ZEC) stole the spotlight. The token surged by more than 70%, reaching its highest level since May 2022, sparking renewed interest in the altcoin sector.
Altcoins Take the Lead
While Bitcoin and Ethereum advanced modestly, altcoins experienced a stronger rally. Several DeFi tokens posted significant price gains. Notably, Ethena (ENA), Curve (CRV), and Raydium (RAY) stood out with growing trading volumes.
Market analysts suggest this rally was partly fueled by weakness in the U.S. dollar. The looming risk of a U.S. government shutdown pushed gold to record highs, indirectly boosting demand for cryptocurrencies.
Market Analysis and Technical Outlook
In derivatives markets, open interest remained elevated at around $31.69 billion, signaling that leveraged positions are still dominating.
Options activity presented a mixed picture. Short-term traders favored puts, yet calls held the majority share of overall trading volume. Funding rates across major exchanges remained positive, showing stronger demand for long positions.
Over the past 24 hours, total liquidations reached $644 million, with 62% coming from short positions and 38% from longs. This highlights how quickly the market can reverse direction.
Key Highlights:
- Bitcoin and Ethereum up nearly 3%.
- Altcoins posted double-digit gains.
- Zcash surged 71%, hitting a 16-month high.
- DeFi tokens gained traction with higher volumes.
- $644 million worth of positions liquidated in 24 hours.
Technical indicators show several assets entering overbought territory. This increases the probability of a short-term correction. However, rising trading volumes and investor momentum could pave the way for another wave of crypto market growth.
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