Crypto market ends week flat as zcash plunges 17%

Key points

• Bitcoin rose about 1% to $85,500 by 4 Oct, leaving its market cap just above $1.7tn.
• Zcash fell 17% from just over $1,600 to $1,332, while quant gained 39% and ether added 0.4% to $2,700.
• The aggregate altcoin market cap slipped from $1.3tn to $1.28tn over the week.

The crypto market finished a volatile week nearly flat, recovering from a 29 Sept slump that wiped $50bn in value, Bitcoin.com News reports. The sell-off briefly pushed total market capitalisation down to $2.95tn, alongside rising oil prices and Treasury yields. A late-week rally lifted the figure back to $2.99tn.

Bitcoin led the swings, closing September up 7% and cutting its year-to-date loss to 4%. It dipped below $83,000 on Monday, spiked to $87,217 on 2 Oct, then slid to $84,250 before a weekend rebound of more than $1,200 took it to $85,500. That left a weekly gain of almost 1% and a market cap just past $1.7tn.

Market rebounds after dip

Ether tracked Bitcoin closely, bottoming on 28 Sept and reaching $2,754 on Thursday before settling just over $2,700, up 0.4%. BNB rose from $778 to $789, quant jumped 39% and hedera added 9%. Zcash, a strong September performer, fell 17% to $1,332, while rain, near, uniswap and Bitcoin cash also lost ground.

The mixed altcoin performance pulled their combined market cap from $1.3tn to $1.28tn. Traders are watching early Uptober macro signals to judge whether major digital assets can hold onto fourth-quarter gains.

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