Bitcoin experienced a remarkable surge early on Monday, October 14, breaking through the $64,000 mark to reach an impressive peak of $64,109. This upward movement represents a 2.1% increase in just 24 hours, marking a return to levels not observed since September 30.
The rally in Bitcoin’s price triggered a significant shake-up in the market, resulting in over $101.4 million worth of short positions being liquidated. Approximately 54,589 traders were impacted, contributing to a total liquidation amount exceeding $166 million.
Among the liquidations, Bitcoin shorts accounted for a substantial $53.13 million. Ether (ETH), which climbed to $2,540—its highest level in two weeks—also saw significant liquidations totaling $28.57 million.
Bitcoin’s impressive gains restored its market dominance to above 58%, nearing levels not seen since April 2021. Historically, October has been a favorable month for Bitcoin, with the cryptocurrency achieving positive returns in nine out of the last eleven years. This trend has sparked speculation among analysts regarding a potential market rally, often dubbed “Uptober.”
In addition to Bitcoin’s performance, Ether also made notable strides, reclaiming the $2,500 threshold with a 2.9% gain. Other cryptocurrencies also participated in the upward momentum, with Solana (SOL) rising 4.4% to $151.02, along with minor gains in high-cap altcoins such as BNB, XRP, and Dogecoin (DOGE).
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