Bitcoin reached its pinnacle for the month, exceeding $64,000 early on October 14. This sudden surge resulted in more than $52 million liquidations from bettors who predicted its price would plunge. As Bitcoin’s price soared, crypto derivatives traders that speculated the crypto market would descend experienced liquidations amounting to over $100 million within a day.
The cryptocurrency, Bitcoin, rose more than 2.1% within the last 24 hours, hitting a high of $64,173. This is the highest point it has achieved in the month so far, reaching levels unseen since September. The abrupt elevation in Bitcoin’s price led to over $101.4 million short positions liquidated across cryptocurrencies, as per data sourced from CoinGlass. In total, 54,649 traders were liquidated exceeding $166 million. Bitcoin shorters accounted for $52.33 million of the last day’s total, followed closely by Ether shorters at $27.26 million.
Furthermore, this notable rise of Bitcoin reestablished its market dominance, surpassing 58%. This reflects a level it has almost matched only once since April 2021. Analysts have eagerly awaited the so-called “Uptober” episode, referring to the speculation that Bitcoin usually escalates in October— a pattern noted nine out of the past eleven years.
In addition to Bitcoin’s surge, Ether also had its moment, surpassing $2,500 to achieve a two-week high at $2,540, following a 2.9% rise within the last 24 hours. The majority of crypto altcoins also saw a rise, with Solana leading the pack up 4.4% over the past 24 hours. However, high-cap altcoins like BNB, XRP, and Dogecoin experienced relatively modest gains of less than 1% on the day.