The cryptocurrency market kicked off the week on a positive note, with a strong rally in the price of major tokens. However, the Bitcoin surge was not as favorable for traders, particularly those who had opened short positions. In the last 24 hours, short-sellers have incurred losses amounting to $143.13 million.
Overall, the market saw liquidations of more than $204 million during the same period, according to data from Coinglass. The largest portion of these liquidations occurred in Bitcoin, with $54.98 million in short positions being wiped out. Meanwhile, Ethereum shorters faced liquidations of just over $25 million.
Bitcoin’s price surge came as a surprise after last week’s market stagnation. Following the mid-week drop, BTC managed to recover; however, its upward momentum halted around $63,000 and it hovered just above the $60,000–$61,000 support level for several days.
As of Monday, the landscape shifted dramatically, with Bitcoin breaking through to reach its current level of $65,100. Enthusiasts are already celebrating what they are calling “Uptober,” a term referring to Bitcoin’s historically bullish performance in October.
Market Awaits Bitcoin’s Next Move
Bitcoin’s rally on Monday has sparked a wave of optimism in the market, with many now expecting further gains in the cryptocurrency space. This surge in confidence is further fueled by the upcoming U.S. elections, which are just weeks away.
These elections hold great significance for the crypto market, as they could determine the long-term future of the industry. If Republican candidate Donald Trump wins the presidency, it could trigger a massive bull run, pushing prices to new heights.
Trump is well-known for his involvement in the crypto space, with investments in Bitcoin and other cryptocurrencies. Additionally, he has launched his own NFT projects and is currently active with a DeFi lending platform. In recent statements, Trump has even promised to incorporate Bitcoin into the U.S. national reserves and to establish progressive crypto regulations.
All eyes are now on the cryptocurrency world, and while Bitcoin’s rally on Monday may not have been entirely unexpected, the broader market remains bullish. Other major cryptocurrencies also posted gains over the last 24 hours, reinforcing the positive sentiment.
Memecoins See Gains Too
The memecoin market is also enjoying a positive start to the week, with an overall increase of 6.26% across this category of tokens. Among the top 10 most popular memecoins, all except for Popcat are showing gains in this week’s opening trading session.
By Andrej Kovacevic
Updated on 14th October 2024