Uptober Magic: Top Reasons Why the Bitcoin Price is Up Today

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.

Uptober Continues Its Winning Streak

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 Regains Dominance

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!

Cautious Look Ahead

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.