As a seasoned researcher with over two decades of market analysis under my belt, I must admit that the current surge of Bitcoin is reminiscent of the dot-com bubble days. The sheer speed and magnitude of this bull run have left me awestruck, to say the least.
Once more, the leading cryptocurrency has spiked, increasing by approximately $2,500 over the last hour, reaching a high not seen for several months at nearly $68,000.
This development has sparked conjecture that the asset might indeed conform to the earlier expectations, suggesting that October could be particularly favorable for bullish trends.
Earlier today, it was reported by CryptoPotato that the biggest cryptocurrency reached notable increases, reaching a price of $66,500 – marking a three-week high at the specified moment.
Following a short period of halt and readjustment, it appears the buyers have regained control, with the asset surpassing the $66,500 barrier and climbing up to $67,950 on Bitstamp just now.
The cost has reached its peak since mid-July, when it was turned down at the significant $70,000 price point. Today’s increase in value occurs as more analysts anticipate that the real upward trend of this asset is still unfolding.
It’s important to mention that the main digital currency dropped below $58,000 on Thursday, but it has gained almost $10,000 in just a short span of six days following that.
Due to significant increases in both large and small alternative assets over the last day, it’s not surprising that those who took short, highly-leveraged positions have suffered the most.
According to CoinGlass data, a staggering $260 million worth of trades were forcefully closed within the last 24 hours, and a significant portion of this, approximately $170 million, came from traders who had bet against the market.
Actually, over $65 million was lost within just an hour, with Bitcoin accounting for nearly half of that amount.
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2024-10-15 17:14