Bitcoin and other cryptocurrencies have seen a surge in prices as they break through a stagnant trading range and enter a new month of trading. Bitcoin’s price has risen 4% in the past 24 hours, reaching its highest level in over a month at $28,300. October has historically been a good month for cryptocurrencies, leading analysts to be bullish about the coming weeks. While there were no immediate catalysts to explain the upward movement, leverage building up in the Bitcoin futures market likely contributed to the rally.
Bitcoin has been stuck in a trading range of $26,000 to $30,000 for the past six months, with low volatility and trading volumes. However, the recent price increase marks a return to Bitcoin’s characteristic excitement. Despite the positive momentum, some caution is advised until Bitcoin breaks out of its trading range. October, also known as “Uptober” among Bitcoin enthusiasts, has been a historically favorable month for the cryptocurrency.
In addition to Bitcoin’s rally, other cryptocurrencies have also experienced gains. Ethereum, the second-largest cryptocurrency, jumped 3% to $1,730. Smaller tokens, including Cardano and Polygon, also saw increases in their prices. Even meme-based cryptocurrencies like Dogecoin and Shiba Inu witnessed gains. Overall, the positive performance of cryptocurrencies in September suggests that the trend could continue into October. Bitcoin has historically performed well in October, with positive returns in eight out of the past 10 years.