The cryptocurrency market experienced a major shake-up on October 14 as Bitcoin surged past $64,500, marking a new high for October. This significant price increase, a 2.1% gain in 24 hours, caused widespread liquidations across the market.
Over $100 Million Liquidated as Bitcoin Rallies
As Bitcoin rallied, over 54,000 traders were liquidated, resulting in losses exceeding $166 million across crypto derivatives markets. Data from CoinGlass shows Bitcoin shorts accounted for $53.13 million, while Ether (ETH), which climbed to a two-week high of $2,540, saw $28.57 million in liquidations.
Bitcoin Reclaims Market Dominance
Bitcoin’s surge brought its market dominance back above 58%, reaching levels last seen in April 2021. Market analysts have been closely monitoring this rally, with some speculating this could signal the beginning of an extended bull run. The term “Uptober” has been frequently mentioned, referring to the historically positive performance of Bitcoin during the month.
Altcoins Follow Bitcoin’s Momentum
While Bitcoin took center stage, Ether reclaimed the $2,500 mark with a 2.9% gain. Other altcoins like Solana (SOL), which rose 4.4%, along with BNB, XRP, and Dogecoin, also saw modest gains as the market reacted to Bitcoin’s dominance.
Market Outlook: Exciting Phase Ahead?
Experts like Kyle Chassé believe this rally marks the start of a highly anticipated market phase, stating that “the next big rally isn’t just a possibility—it’s a reality waiting to unfold.” However, caution remains as market volatility continues to loom.
Disclaimer: This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.