Bitcoin entered October strongly after spending September in a certain range.
At this point, there has been a significant increase in BTC and altcoins in the last 24 hours. While BTC exceeded $28,000 with an increase of over 4%, many altcoins also saw increases.
Apart from BTC, there were also major increases in altcoins such as Ethereum (ETH), Solana (SOL) and THORChain (RUNE).
ETH has increased by 3.35%, SOL by 14.35% and RUNE by 14.60% in the last 24 hours.
While these increases were experienced in Bitcoin and altcoins, investors in short positions were also left in reverse and liquidated.
According to data from Coinglass, $125 million was liquidated in crypto futures in the last 24 hours. Of this, $98.1 million consisted of short positions and $17.1 million consisted of long positions.
Among liquidated short positions, Bitcoin ranked first with $46.19 million. After BTC, $28.79 million in ETH was liquidated, followed by Solana and Chainlink (LINK).
Speaking to Coindesk, XS.com analyst Samer Hasn said:
“These gains in cryptocurrencies come with the bullish impression that generally characterizes October.
Bitcoin has recorded monthly losses only twice since 2013, in October. Except for these two months, it did not record a monthly loss in October.
This has led to the month of October being referred to as 'Uptober' within the cryptocurrency community.”
Bitcoin continues to trade at $28,300 at the time of writing.
*This is not investment advice.
