The global crypto market is up today, experiencing a rather bullish momentum. Top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) are currently witnessing 24-hour gains above 4%.
Tokens like Polygon (MATIC) and Chainlink (LINK) are up by 15% and 36% respectively in the last 24 hours representing some of the top gainers among the top 100 cryptocurrencies in the market.
The bullish rally is associated with “Uptober.” The term “Uptober” is a combination of two words, Up and October. The crypto community coined this word because the price of Bitcoin has historically increased during this month.
According to live data from CoinMarketCap, the global crypto market cap is 1.18 trillion, signifying a 3.89% increase in the last 24 hours. Furthermore, the price of Bitcoin (BTC) has crossed the $31,000 threshold, currently selling at $31,114.
The current exciting bullish outcome in the market can be attributed to positive sentiments surrounding the crypto market at the moment. Let’s look at some of these factors that have influenced the crypto market’s bullish rally today.
Why is the crypto market up today?
October (Uptober) and its historic bullish rally
The month of October has always been known as the month of the bulls. During this time of the year, the price of Bitcoin and other crypto in the market usually experiences a significant increase.
According to data from DefiLlama, since October 13 the total trading volume of Bitcoin has not dropped below $1 billion. In fact, on October 15, Bitcoin and crypto market volume surged from $1 billion to over $2.6 billion.
The increase in price and volume has been surrounded with optimism as Bitcoin’s season returns in October. Statistically and historically speaking, the month of October is one of the strongest months for huge Bitcoin gains. So far in 2023, October has already presented 11.2% returns.
The crypto market has seen inflows of digital asset funds for four straight weeks, totaling $66 million in the 42nd week of 2023.
Bitcoin dominance prior to the halving event in 2024
As we previously reported, the next Bitcoin halving is set to take place in April 2024. Bitcoin is gradually regaining its dominance in the crypto market prior to the expected event.
Interestingly, Bitcoin represents over 50% of the crypto market since the second quarter of 2023. As of October 23, Bitcoin market dominance is well above 51% according to data from CoinGlass.
Bitcoin’s dominance comes amid predictions of its price reaching a new all high of $130,000 after the next halving event in 2024. To achieve this, crypto technical analysts believe that the price of Bitcoin must break the $31k mark which has already happened.
Growing institutional interests
The growing interest in Bitcoin and cryptocurrencies by major institutions is another driving factor for the ongoing market rally. At press time, the crypto Fear & Greed index has grown by 8 points (standing at 55) over the last 30 days, signifying a burgeoning positive sentiment across the market.
Ultimately, the crypto market will continue to experience price volatility. The true test of the market’s sentiment and position will be determined when new enforcement actions or an economic recession takes place. For now, the month of “Uptober” is producing nice short-term gains.
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