Digital Asset Market Surges as Bitcoin and Leading Altcoins Propel Recovery

As of October 13 (ET), the digital asset market demonstrated a significant rebound ahead of the New York trading session, signaling a potential shift in sentiment and market trajectory. CoinMarketCap data revealed that the total cryptocurrency market capitalization surged to $3.877 trillion (roughly 5,536 trillion KRW), up 3.48% over the past 24 hours. Meanwhile, the Fear & Greed Index remained at 40, indicating neutral investor sentiment.

Bitcoin Regains Critical Levels After Tariff-Driven Sell-Off

Bitcoin (BTC) showed robust recovery, trading at $115,525—a 1.18% increase from the previous day. This rebound followed a sharp drop to $107,000 last Friday, triggered by former President Donald Trump’s announcement on tariffs targeting China. Renewed buying momentum has since pushed BTC higher, suggesting growing market confidence.

On-chain metrics underline Bitcoin’s recovery, with the asset reclaiming its short-term realized price of $114,000. This development signifies a rise in demand and hints at the potential for sustained upward momentum.

Additional data from TradingView and Glassnode highlights Bitcoin’s secure trading above the critical 20-week moving average, currently positioned at $113,300, which serves as a key support level. Michael van de Poppe, founder of MN Capital, commented, “The sharp drop on Friday offered a strong buying opportunity while reinforcing the ongoing bull market trajectory.”

On-chain analyst Frank Pitter echoed a bullish outlook: “BTC has successfully surpassed its short-term realized price. The bullish trend continues.” Another market observer, Dan Crypto Trades, predicted, “The base target for this cycle ranges between $120,000 and $150,000, with the Bitcoin ‘Rainbow Chart’ suggesting the $140,000–$200,000 level as an optimal profit-taking zone.”

Altcoins Synchronize with Bitcoin’s Uptrend

The altcoin market followed Bitcoin’s lead, registering broad-based gains. Ethereum (ETH) spiked 8.65% in the last 24 hours, reaching $4,176. Despite having seen a weekly loss of 9%, ETH is showing signs of forming a short-term bottom, supported by an upward technical correction.

Another major player, Solana (SOL), surged 8.55% to hit $196, cementing itself as a top gainer among leading altcoins. SOL demonstrated considerable resilience, sustaining high trading volumes during Friday’s downturn and rebounding swiftly amidst improving market sentiment.

Other top-performing altcoins included Binance Coin (BNB), which gained 5.43% to trade at $1,302, and XRP, which rose by 8.37% to $2.60. Meanwhile, Dogecoin (DOGE) rallied an impressive 12.57%, trading at $0.21, marking one of the most significant gains in the last 24 hours.

Cardano (ADA) added 12.08%, climbing to $0.72, with Tron (TRX) seeing a more subdued yet positive gain of 1.09%, trading at $0.32.

Additionally, HyperLiquid (HYPE) soared by 9.77%, reaching $41, while Stellar (XLM) increased 8.50% to trade at $0.35. Both tokens showcased robust momentum aligned with the broader market’s recovery.

Optimism Builds for Medium-Term Market Outlook

Market analysts view the synchronized rebound across Bitcoin and leading altcoins as a promising signal for the overall market’s medium-term outlook. Strengthening sentiment, coupled with technical indicators pointing toward recovery, has bolstered optimism among investors and enthusiasts alike.

This renewed market activity suggests that cryptocurrency remains resilient despite external pressures, with both Bitcoin and altcoins poised to build on their current momentum. As the digital asset market continues to evolve, these developments signal a potential inflection point for traders and investors looking to capitalize on the next growth phase.