{"id":195138,"date":"2023-10-23T07:39:05","date_gmt":"2023-10-23T07:39:05","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=195138"},"modified":"2023-10-23T07:39:05","modified_gmt":"2023-10-23T07:39:05","slug":"top-reasons-why-bitcoin-price-is-up-today","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/top-reasons-why-bitcoin-price-is-up-today\/","title":{"rendered":"Top Reasons Why Bitcoin Price is Up Today"},"content":{"rendered":"

Today, the crypto market is surging, breaking through the $31,000 mark, and it’s not by chance; it’s the result of a combination of various factors, one of which is the crypto market’s volumes reaching their highest levels for the month of October.<\/p>\n

Meanwhile, an interesting report published by blockchain data that a whopping 76% of all Bitcoins are held by long-term holders, those who haven’t moved their coins for over 155 days. This unwavering confidence from long-term holders is one of the driving forces behind today’s market upswing.<\/p>\n

October Sets Daily Volume Records<\/strong><\/h2>\n

October has gained the nickname “Uptober” due to its historical positive returns in the crypto market. On 19 October, Bitcoin and crypto market volumes surged from $1 billion to over $2.7 billion.<\/p>\n

Notably, the trading volume recorded on October 15 set a new record, marking the highest daily trading volume for the entire month.<\/p>\n

Leading the charge in today’s rally are Bitcoin (BTC), currently trading at $30,809, Solana (SOL) at $30.85, and a host of other altcoins. Their collective resurgence rekindles the familiar and bullish momentum often associated with “Uptober.”<\/p>\n

Bitcoin Regains Dominance<\/strong><\/h2>\n

Bitcoin is making a strong comeback in the crypto market, positioning itself above the 50% market dominance threshold, a feat it hasn’t achieved since June 28.<\/p>\n

Typically, when Bitcoin’s dominance breaks, there’s a surge in interest in altcoins and other cryptocurrencies. This renewed dominance coincides with Bitcoin models projecting its potential to reach $135k following the 2024 Bitcoin halving event.<\/p>\n

Liquidations and Short Squeezes<\/strong><\/h2>\n

The crypto market rally commenced on October 21, triggering a wave of short position liquidations across the market, totalling more than $64 million within a mere 24 hours. Leading the way were Bitcoin short liquidations, including a staggering single liquidation of $2.53 million on the Binance exchange.<\/p>\n

Despite the losses suffered by short-sellers, 50.9% of the futures market remains skewed toward short positions. This imbalance presents the potential for a short squeeze that could further drive prices upward.<\/p>\n

While October’s positive price action provides a short-term boost, Bitcoin and altcoins still face potential risk events that could impact their prices.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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