- Bitcoin SV price has soared by more than 10% in the past 24 hours.
- Other altcoins like ThorChain, Render Token, and Cosmos have also surged.
- The US government avoided a much-awaited shutdown.
Cryptocurrency prices have started the fourth quarter of the year well. Bitcoin soared to the key psychological level of $28,000 while Ethereum sits solidly above $1,730. Also, data compiled by CoinMarketCap shows that the total market cap in the industry surged to over $1.1 trillion.
Crypto has held well even as market risks continued. For example, there are elevated recession risks as the yield curve inversion continues. It has now plunged to the lowest level since 1930s when the US went through a major depression.
Meanwhile, inflation has been a thorn in the flesh in the market. The most recent data showed that the headline consumer price index (CPI) jumped to 3.7% in August, the highest point in months. While the closely watched personal consumer expenditure (PCE) inflation figure dropped, there are signs that it will remain above 2.0% for a while since gasoline prices are jumping.
Bitcoin SV, ThorChain, Render Token, and Cosmos prices jumped sharply on Monday as investors reacted to the delay of US government shutdown. In a surprise move, Speaker Kevin McCarthy teamed with Democrats to vote for a temporary measure that will keep the government funded for 45 days.
A government shutdown would have had major implications in the crypto industry. For example, it would have led to weak demand as a sense of fear spread among investors. For one, the US is still facing major risks ahead, with the major ones being the UAW workers strike and inflation.
These altcoins also jumped after Bitcoin price jumped above $28,000, the highest level in months. It has now risen by more than $3,000 from the lowest level in September. And as I wrote here, Bitcoin has formed an inverted head and shoulders pattern, which is usually a bullish sign.
There will be several important catalysts for these altcoins this week. Cosmos ATOM will react to the upcoming Cosmoverse event that runs on Monday and Tuesday. The other key event will be Chainlink’s SmartCon Conference.
Read more: How to buy Cosmos.
