Crypto Market Update: Altcoin ETFs, Bitcoin Resilience, and NFTs

The crypto market has surged by 2.28% in the last 24 hours, bringing its total markets cap to $3.85 trillion. This follows a decline of 4.15% in the last 1 week. Various forces are driving the recovery, the most notable ones being the hype on Altcoin ETFs and the continued bullishness of Bitcoin.

Crypto Market Experiences Recovery Amid Altcoin ETF Hype

One of the drivers behind the recent turnaround of the markets is the expectation of a decision by the SEC on 16 altcoin ETFs in October. These are Solana (SOL), XRP and Dogecoin (DOGE) ETFs.Investors are eager to see how these decisions might influence broader markets adoption, especially for altcoins.

Bitcoin recovered its position above $112K following a turbulent week. The analysts are positive regarding its strength, using the stability of its MVRV ratio and the liquidation of 4 billion, due to which weak hands were cleaned.

The derivatives market is also performing well. The open interest of perpetual futures increased by 3.94 and funding rates have gone positive indicating a change of investor sentiment.

Bitcoin is hanging around the 111K mark, and Ethereum (ETH) is holding firm above 4100. Other leading coins such as Solana (SOL), Binance Coin (BNB), and XRP have also had minor gains, which have further boosted the recovery of the cryptomarket.

Hyperliquid Launches Hypurr NFT Collection

The crypto market is becoming viral following the launch of the Hyperliquid Hypurr NFTs.

Hyperliquid Launches Hypurr NFT Collection, Making Waves in the CryptoMarket

The crypto market is going viral after the release of Hypurr NFTs by Hyperliquid.

On Sunday, the Hyper Foundation airdropped 4,600 unique NFTs to the first users, in which one of the iconic products, Hypurr #21, sold at an impressive price of 467,000 (9,999 HYPE).

This NFT, with its rare characteristics such as the Knight Ghost Armor and Knight Helm Ghost, raised new standards in the market. The price of the collection is currently approximately 1,458 HYPE, which is equivalent to $68,700, as shown by OpenSea statistics.

Source: Opensea

The launch has generated significant excitement, attracting attention from both collectors and investors in the ever-evolving NFT space.

Pavel Durov Rejects Censorship Demands from Intelligence

The co-founder of Telegram Pavel Durov has also alleged that French intelligence put pressure on him to block messages concerning the Moldovan election on his messaging service.

Durov, who has been critical of censorship, turned down the invitation even though he was granted preferential treatment in a pending court case in France. His rejection has once again the issue of tension between government agencies and tech companies, especially with regard to online speech and privacy.

Cathie Wood Compares Hyperliquid to Solana’s Early Potential

ARK Invest CEO, Cathie Wood, has been positive about Hyperliquid, comparing it to Solana in its early years. According to Wood, it is an exciting move as Hyperliquid, similarly to Solana, could make a splash in the crypto market.

ARK Invest, one of the biggest holders of Bitcoin, Ethereum, and Solana, is watching Hyperliquid because it is competing with other Dexes.

Crypto Market Event to Watch This Week

This week, traders and investors should stay alert for key economic updates that may influence the markets. Tuesday, September 30th, is the release date of the JOLTs Job Openings data, is released with some insight into the labor market.

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On Wednesday, October 1st, the ISM Manufacturing PMI, which is a vital indicator of the health of the sector, will be presented. The Non-Farm Payrolls and Unemployment rate are also important reports of economic interest that will be closely monitored on Friday, October 3rd. Moreover, the ISM Services PMI will be published, which will provide a vision of the work of the service sector. Anticipate future volatility in the markets.