In a significant turn of events, Bitcoin’s price soared past $65,000 on October 14, leading to over $100 million in liquidations from traders who had bet on a price decline. The cryptocurrency reached its highest point in October, signaling renewed momentum for the market.

Bitcoin’s October Surge

After spending the weekend in a tight price range, Bitcoin gained 2.1% in value, peaking at $64,173. This is the highest price the cryptocurrency has reached since late September, showing strong recovery and renewed optimism among investors.

The price increase caught many traders off guard, especially those betting that Bitcoin’s price would drop. According to data from CoinGlass, more than $101 million in short positions were liquidated across the crypto market. Bitcoin accounted for more than half of these liquidations, totaling $52.33 million. Ether (ETH) traders also faced significant losses, with over $27 million in short positions wiped out.

Growing Market Dominance

Bitcoin’s market dominance surged back above 58%, nearing levels not seen since April 2021. This growth highlights Bitcoin’s continued influence over the broader crypto market, even as other coins experience gains.

Known as “Uptober” in the crypto community, October has historically been a good month for Bitcoin. In nine of the past eleven years, Bitcoin has seen positive returns during this period. Crypto influencers and analysts, such as Kyle Chassé, have pointed to this recent price action as a sign of an impending major rally.

Altcoins Follow Suit

Ether, the second-largest cryptocurrency, also saw gains, crossing the $2,500 mark and reaching a two-week high of $2,540. Other major altcoins like Solana (SOL), BNB, XRP, and Dogecoin (DOGE) experienced more modest increases, with Solana standing out with a 4.4% jump.

As Bitcoin continues to rise and market sentiment shifts, the next few weeks could be pivotal for the crypto space. Investors are watching closely for the next big move, with some speculating that this could be the start of a broader market rally.

This recent surge, coupled with massive liquidations, sets the stage for an exciting period in the crypto market as October unfolds.