Cryptocurrencies attempted to shrug off geopolitical conflict-driven market slump ahead of October’s first weekend.

Major cryptocurrencies and the total digital asset market cap jumped north of 2% on Oct. 4 as ecosystem leaders like Bitcoin (BTC) and Ethereum (ETH) staged price recoveries by publishing time. Almost $36 billion flowed into Bitcoin, pushing BTC’s price above $62,300 and marking a 3% jump. Ether’s 4% appreciation raised ETH to over $2,400, and Solana (SOL) edged toward $145, per CoinGecko.

Memecoins, especially on Solana, surged with the market upswing heading into the weekend. Tokens like Gigachad (CHAD), Michi (MICHI), Popcat (POPCAT), and dogwifhat (WIF) spiked 20%-40% in the last 24 hours.

Weekly green close uncertain for crypto

Daily price upticks only slightly reversed the plunge triggered by military altercations in the Middle East. Global economies and assets shed hundreds of millions in hours as Iran launched missiles into Israel.

The resulting pullback fixed the total cryptocurrency market cap in a red candle on the weekly timeframe. Digital assets had cumulatively closed in green for three consecutive weeks during September, a month usually bearish for cryptos.

History backs green Q4 

The overall digital asset market would require an 8% recovery to regain last month’s close, and expert consensus suggested a crypto market rise might be inbound. Bitcoin has enjoyed a bullish October the last three times BTC closed September with a green monthly candle. Nine out of 11 times, the asset has surged in Q3’s first month regardless of the previous month’s price action.

Indeed, Bitcoin has averaged price increases of 22%, 46%, and 5% in the final three months of every year since 2013.

FLR has emerged as the leading gainer among the top 100 cryptocurrencies, witnessing a 21% rise in price within the past 24 hours, driven by positive developments within its ecosystem.

Flare (FLR) climbed from a low of $0.0149 to a high of $0.0178, eventually stabilizing around the $0.016 range when writing. This significant uptick solidified a 12% gain for the day and propelled the market capitalization of its circulating supply of 48.487 million tokens to approximately $819.2 million while most of the crypto market struggled as Wall Street traded deep in the red.

FLR’s price upswing coincides with an explosive increase in trading volume, which has soared by over 390%, translating to more than $30 million worth of the token exchanging hands. 

Strategic growth and technological integrations

The Flare Network has been actively broadening its technological and strategic footprint, which has contributed to its recent price performance.

Among key developments is the integration of Google Cloud earlier this year as an infrastructure provider—a partnership that significantly enhances the network’s data handling and validation capabilities, thereby elevating its standing in the blockchain ecosystem.

In an aggressive push to foster sustainable growth, Flare has committed to reinvesting 50% of its FLR token sales back into the ecosystem. This strategic reinvestment is earmarked for the enhancement of vital network functions, including lending protocols and decentralized exchanges, aiming to boost both the utility and intrinsic value of the FLR token.

Further, Flare has implemented a token burn policy, recently eliminating 66 million FLR tokens from the total supply. This adds to the bullish narrative, as reduced supply tends to increase scarcity and potentially drive up the token’s value.

Market sentiment

According to data from CoinMarketCap, the social sentiment around the token was largely bullish, with the majority of community members expecting the rally to continue.

Technical indicators, such as the Moving Average Convergence Divergence on the 1-day price chart, illustrate a bullish crossover—where the MACD line has crossed above the signal line, a pattern which typically means that the strength of the bullish trend is building.

However, the subdued histogram suggests that while momentum is building, it may not be strong enough for a major breakout yet.

The Relative Strength Index further corroborates this view, resting at 58.83—above the midpoint but below the overbought threshold, indicating a gentle but persistent uptrend.

Crypto exchange Gemini has announced its exit from the Canadian market, joining several other platforms that have left due to the country’s strict regulatory environment.

Canadian customers of the Winklevoss-founded exchange reported receiving an email urging them to withdraw their funds by Dec. 31, giving them 90 days to move their assets.