The recent surge in the crypto market can be attributed to several key factors. One significant event was the US government shutdown, which triggered a substantial spike in cryptocurrency prices. Bitcoin and Ethereum led the gains, setting a positive tone for the market.

Additionally, the crypto market entered October on a bullish note, with average returns reaching impressive levels. Bitcoin managed to hold above a significant price level, while Ethereum showed strong support, indicating a robust foundation for market growth.

Analysts also highlight the declining dominance of Bitcoin, signaling a shift of capital towards altcoins. This shift is further supported by increased Google searches related to altcoins and the Altcoin Season Index reaching notable levels. The prolonged accumulation phase in the altcoin market suggests a potential breakout, which historically precedes strong rallies, especially during the fourth quarter.

Overall, these factors combined to create a favorable environment for the crypto market to experience a significant leg-up. As the market continues to evolve, these trends could indicate a promising outlook for the remainder of the month.