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Bitcoin Price: “Uptober” Lives Up to Expectations

Tue, 11/01/2022 - 06:15
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Alex Dovbnya
Many market participants bought into “Uptober” optimism, with Bitcoin remaining above the $20,000 level
Bitcoin Price: “Uptober” Lives Up to Expectations
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Bitcoin, the world’s largest cryptocurrency, keeps hovering above the $20,000 level. 

At press time, it is sitting at $20,520 on the Bitstamp exchange after adding 5.5% in October.

BTC
Image by tradingview.com

Bitcoin managed to close its first green monthly candle since July, with the “Uptober” meme living up to the expectations. 

While Bitcoin remained mostly in limbo, Dogecoin, the most popular meme coin, led the rally. 

The logic behind the monicker 

Since cryptocurrency trends tend to be cyclical, different patterns emerge that tend to become self-fulfilling prophecies. For instance, September tends to be a bearish month, which was the case this year. At the same time, crypto tends to recover in October, which is why this month has been jokingly renamed “Uptober” by members of the community. 

In 2021, the global cryptocurrency market cap grew to $2.6 trillion by the end of October, with meme coins of the likes of Shiba Inu (SHIB) stealing the spotlight with massive gains. 

“Moonvember”? 

After “Uptober,” market participants are now pinning their hopes on “Moonvember.” 

Last November, Bitcoin reached its current peak of $69,000. Bitcoin is still down a staggering 70.27% from its record peak.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.