Bitcoin Surges: Market Dominance Hits 58%

•  By skyrocketing the trading value of Bitcoin, the crypto market dominance went above 58%.
•  Ether recovered $2,500 after reaching a height of two-weeks and stood at $2,540 after gaining 2.9% in the past day. 
• More than $101.4 million in short positions got liquidated in the crypto ecosystem after the price of Bitcoin got heightened. 

On October 13, the price of Bitcoin skyrocketed which took the crypto market to over $100 million liquidation despite the anticipation of the market fall by crypto derivatives traders. Yesterday, Bitcoin was trading above $64,000 with a total gain of about 2.1% in the last one day.

TradingView, an analysis platform reveals that Bitcoin stood at $64,173 and the mark is the highest attained in this month and the backslide has not been seen since last month-end.  

CoinGlass, a cryptocurrency futures trading and information platform reports that more than $101.4 million in short positions got liquidated in the crypto ecosystem after the price of Bitcoin got heightened. 

Talking about the data, $166 million was put into liquidation by 54,649 traders, the Bitcoin shorts stood at about $52.33 million of the total on October 13 and Ether shorts stood at $27.26 million. 

Bitcoin’s market dominance improved

TradingView has also reported that by skyrocketing the trading value of Bitcoin, the crypto market dominance went above 58%. The mark was last noticed in April 2021. 

As per the analysts, Uptober is now not far, as this month has so far witnessed positive returns for Bitcoin. Meanwhile, Uptober is the month where any significant move happens in the cryptocurrency market. 

Before this, on October 4, Santiment, a market data and analytic research platform posted on X related to Uptober and mentioned that it had slumped crucially from the beginning of October. It further went on stating that traders have become hopeless that October will witness a good uplift for the crypto market. 

Alternatively, the social media platforms have been flooded with memes of “Selltober” and “Octobear.” But now, after overlooking the market conditions we can clearly mention that the tables are turned. 

The tides are shifting

Kyle Chasse, a dedicated Bitcoin and crypto professional took social media platform X to inform his followers that “the tides are shifting” and we are going to move into one of the leading stages of the market.  

He further went on to state that, the next big rally is indubitably waiting to unveil and now it is beyond possibility.  To the statements of Kyle Chasse, James Check, the lead analyst for glassnode commented “Pray for the bears.” 

At the same time, Ether recovered $2,500 after reaching a height of two-weeks and stood at $2,540 after gaining 2.9% in the past day. The overall market has also been great for altcoins as it was primarily in the green area. Solana also went up by 4.4% on the last day. 

High-cap altcoins, including BNB,  XRP , and Dogecoin , saw muted gains of less than 1% on the day.