Bitcoin and Altcoins Plummet; Is Crypto’s ‘Uptober’ Rally Doomed?

Bitcoin and altcoins saw a massive selloff as tensions between Israel and Iran escalated.Ethereum has declined 5% over the past day, trading around $2,400, while Bitcoin now sits slightly above the $60,000 threshold. Ripple's XRP experienced an 11% drop following the SEC's recent appeal.

Some analysts predict Bitcoin may plunge to $52,000 if the selloff continues.Meanwhile, altcoins like SUI and Aptos have defied the downturn, gaining over 10%.

Bitcoin Faces Further Downside Amid Selloff

The cryptocurrency market experienced intense selling pressure this week, with Bitcoin's price dropping to $60,300. Fear and uncertainty caused by rising political tension in the Middle East largely contributed to the gloomy market outlook.

While Bitcoin rose to $61,000, the bearish sentiment in the market brought it down. Bitcoin is still oscillating within the $60,300 region.

Based on that, some analysts expect Bitcoin to see lower highs and lows. Crypto analyst IncomeSharks mentioned, Too many knives catching the first dip as if it was going to be red day then Uptober."

#Bitcoin - Too many knife catching the first dip as if it was going to be one red day then #Uptober. You always wait longer than you think. A lot talking about $59k so it's best to just get that out of the way. Overcrowded area to bid so $57k is my best guess. https://t.co/Fl21XXgsEU pic.twitter.com/AAdH1QCV06

- IncomeSharks (@IncomeSharks) October 2, 2024

The analyst added that the downturn often lasts longer when people expect a slight dip in BTC's price. He believes Bitcoin could drop to $57,000 soon.

Another famous crypto expert, Crypto Capo, added that Ethereum could follow if Bitcoin drops to $52,000, with a price dip to $1,800. Capo noted that if these levels are reached, he plans to increase his holdings in altcoins.

Market analyst Ali Martinez shared a similar sentiment. In his recent X post, he said, Bitcoin could drop to $52,000 if the governing pattern behind the recent price action is a descending parallel channel."

#Bitcoin could drop to $52,000 if the governing pattern behind the recent price action is a descending parallel channel! pic.twitter.com/CEAbdWXCrB

- Ali (@ali_charts) October 2, 2024

Ripple's XRP Suffers the Largest Drop

Ripple's XRP took the hardest hit, plunging by 14.65%, trading at $0.513. This bearish momentum is evident in the weekly timeframe, with XRP down 12.61%.

The SEC's recent decision to file an appeal in the Ripple lawsuit fueled this drop. As the legal battle drags on, XRP's price faces more downward pressure.

Reports suggest Ripple will file a cross-appeal in response to its legal chief's expression in an X post. This move could lead to further price instability as investors react to the ongoing legal developments.

If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn't protected investors and instead has damaged the credibility and reputation of the SEC.

Somehow, they still haven't gotten the message: they lost on everything that... https://t.co/1hW7xVSL9b

- Brad Garlinghouse (@bgarlinghouse) October 2, 2024

Despite this negative market performance, XRP is among the top 10 largest cryptocurrencies, with a market cap of $28.9 billion.

Meanwhile, other altcoins also saw price drops. Ethereum (ETH) fell by 3.58%, dipping below $2,400. Solana (SOL), Dogecoin (DOGE), and Toncoin (TON) recorded similar declines.

SUI and Aptos Defy Market Trends

Interestingly, not all altcoins followed the broader market trend. According to CoinMarketCap, the SUI token has sustained its weekly gain of 10.56%.

The SUI network's total value locked (TVL) has surpassed $1 billion, driving its price higher. This significant milestone has positioned SUI at a potential all-time high.

BREAKING Sui has achieved $ 1,0 0 0,0 0 0,0 0 0 in Total Value Locked in less than two years since Mainnet launch!!

It's all thanks to the Sui community, projects, products, and builders for getting us to this achievement!

And #Suitember is still going strong pic.twitter.com/sW4QcnGG3B

- Sui (@SuiNetwork) September 29, 2024

On the other hand, Aptos has been up slightly, almost 2%, in the past 24 hours.While most cryptos face heavy selloffs, these two tokens have shown resilience.

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