Today, something big is happening in the crypto market as it skyrockets past the $31,000 milestone. This isn’t just a lucky event; it’s due to a combination of factors, one being the increase in crypto trading activity during October.
A recent report from blockchain data reveals that an impressive 76% of all Bitcoins are firmly held by people who’ve kept their coins for at least 155 days. These steadfast investors are boosting the market’s current growth.
October has a positive track record in the crypto world, earning the nickname “Uptober.” On October 19, both Bitcoin and crypto market trading volumes surged from $1 billion to an impressive $2.7 billion.
October 15 was a day to remember as it set a new record for daily trading volume.
Leading today’s market rally are some familiar names, such as Bitcoin (BTC) at $30,809, Solana (SOL) at $30.85, and a bunch of other altcoins. Together, they’re bringing back the strong and positive momentum associated with “Uptober.”
Read More: Bitcoin’s Uptober Rally: Will the Price Hit $40k Soon?
Bitcoin is making a strong comeback, reaching over 50% market dominance, a level not seen since June 28. When this happens, people tend to take a keener interest in altcoins and other cryptocurrencies. This resurgence coincides with models predicting Bitcoin could reach a remarkable $135,000 after the 2024 Bitcoin halving event.
Short Sellers Face a Battle
The recent rally starting on October 21 led to a wave of short position liquidations, totaling more than $64 million in just 24 hours. Leading the way were Bitcoin short positions, including one whopping liquidation of $2.53 million on the Binance exchange.
Despite these losses, 50.9% of the futures market still leans towards short positions. This imbalance creates the potential for a short squeeze, which could further drive up prices.
Also Read: Crypto Market Set to Rally: Here are 9 Altcoins to Watch!
While October’s positive price movement gives a short-term boost, it’s important to remember that Bitcoin and altcoins still face potential events that could impact their prices in the future.
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