With notable pumps being felt across almost the entire crypto and altcoin markets, October appears to have started with a relative bang for investors and degen traders alike.
Such news comes as October 2023’s inception was met with the space’s two biggest players Bitcoin (BTC) and Ethereum (ETH) both surging almost 4% in respective 15-minute windows.
For the former, the OG coin went from $27,640 to $27,879 in the space of 15-minutes - and since, it’s been able to maintain a higher price of over $28,300 (per CoinGecko).
Ethereum on the other hand saw a mini price pump of $1,678 to $1,732 in around 12 minutes - which again, is a price it has since been able to maintain until the time of writing.
With upwards pressure being felt by the industry’s two leaders, essentially the entire ‘mainstream’ altcoin space has also enjoyed being 'in the green’ - including Solana (SOL), Polygon (MATIC), XRP, and many more.
The industry-wide surges come as a much-welcomed surprise to many crypto fanatics, with many now dubbing October as ‘Uptober’. Interestingly, such ‘Uptober’ forecast aligns with what the history books tell us, as the month of October has only produced negative returns on two occasions since 2013.
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When it comes to the tangible impact on individuals, $70 million worth of crypto short investments were liquidated as price thresholds were met. This reportedly included almost $36 million worth of BTC and $23 million worth of ETH. On the flip side, such green movements meant that spot and long position investors were able to enjoy the first positive price actions on their assets in over a month.
With the ambiguous nature of the unfolding pumps, people have been speculating that something’s in the crypto pipeline that not everyone knows about.
In turn, this further prompts us to speculate whether this regards the ever-relevant but still largely ambiguous developments of the many institutional spot Bitcoin ETF applications. Although analysts have penned January 2024 as the likely time of their launch, perhaps off-the-record developments and/or and insider information regarding the matter are the reasons behind early-October’s price surges.
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This article is intended for educational purposes and is not financial advice.
