- Bitcoin’s price surged by 4% in the past 24 hours, reaching $28,300 and climbing to its highest level in over a month, rising from below $27,000 on Saturday.
- Antoni Trenchev, the co-founder and managing partner of crypto lending firm Nexo, remarked, ‘October, or as it is known, ‘Uptober,’ is already living up to its reputation as Bitcoin’s favorite month, with the digital coin rising to the highest level in six weeks.’
- Beyond Bitcoin, the second-largest crypto, Ether, rose by 3% to $1,730. Smaller tokens or alternative cryptocurrencies also saw gains, with Cardano rising 5% and Polygon increasing by 4%.
Optimism for Bitcoin has returned in October, and the critical level of $28,000 has been surpassed. However, a warning comes from Nexo’s founder!
Optimism for Bitcoin Returns in October
Bitcoin and other cryptocurrencies saw an uptick in trading as they broke out of a defined range when starting a new trading month. Historically, October has been a good month for cryptocurrencies, so analysts are looking ahead with optimism for the coming weeks.
Bitcoin’s price surged by 4% in the past 24 hours, reaching $28,300 and climbing to its highest level in over a month. The largest digital asset had been trading in a relatively stagnant range around $26,000 since mid-August, marked by historically low volatility and trading volume. The recent rally signals a return to Bitcoin’s characteristic excitement.
Antoni Trenchev, the co-founder and managing partner of crypto lending firm Nexo, remarked, ‘October, or as it is known, ‘Uptober,’ is already living up to its reputation as Bitcoin’s favorite month, with the digital coin rising to the highest level in six weeks.’ He added:
‘Bitcoin has been lackluster for most of the past six months, so let’s not get too excited until it breaks out of the $26,000 to $30,000 range.’
There weren’t many immediate catalysts to explain the rise in Bitcoin, but leveraged accumulation in the Bitcoin futures market, the most liquid market across all cryptocurrencies, likely contributed to the pump. According to Coinglass data, roughly $270 million in short positions have been liquidated since Bitcoin prices started rising from lows around $26,000, providing upward momentum to the current rally.
Bitcoin Rose in September Too
Bitcoin had already been performing well as it started a new trading month, beating its historical record for September and outperforming the S&P 500 and Dow Jones Industrial Average for the first time in seven years. History suggests this performance may continue into October.
Trenchev stated, ‘Following the last Bitcoin rallies dating back to 2015 and 2016 (in September), gains were recorded over the subsequent three months.’ He added, ‘Bitcoin has posted gains in eight out of the last ten Octobers and in each of the last four, so there is hope among believers that after a rare positive September, this month could see significant momentum for the major cryptocurrency.’
Beyond Bitcoin, the second-largest crypto, Ether, rose by 3% to $1,730. Smaller tokens or alternative cryptocurrencies also saw gains, with Cardano rising 5% and Polygon increasing by 4%. Memecoins also experienced a similar increase, with both Dogecoin and Shiba Inu gaining 2%.
