October boasts the best Bitcoin returns and is almost always better than any other month.
History Rhyme: Bitcoin exceeds $120,000 in seasonal rally revivals
October is the month when the Bitcoin Bulls run. At least that’s what Coinglass performance data shows. For the past 12 years, Bitcoin has been printing positive returns every October, except in 2014 and 2018. And despite being the second day of the month, cryptocurrency has recorded a monthly return of 5.41% after meetings for the past few days.
(October boasts the highest Bitcoin return, and according to Coinglass data, it has almost always performed better than any other month in the last 12 years.
The government shutdown, which began midnight on Wednesday, did not stop traders. In fact, it seemed to just burn them. Both Bitcoin and stocks shot after Senate Republicans and Democrats reached a deadlock on temporary federal fundraising. Even the surprising decline in private sector employment was seen as a bearish signal and more as a reason for the Fed to continue cutting interest rates for the rest of the year. After that, both stocks and Bitcoin jumped.
And now, monthly trends continue to hold the truth. The S&P 500, Nasdaq and Dow all increased by 0.16%, 0.42% and 0.29% respectively, while Bitcoin is up 2.55% over 24 hours. The so-called “up-to-bar” phenomenon appears to withstand hype.
Market Metric Overview
Bitcoin was $120,128.94 at the time of writing, up 2.55% from yesterday and 9.7% per week, according to CoinMarketCap data. Cryptocurrency has been trading between $117,235.26 and $120,324.11 since yesterday.
(BTC Price/Trade View)
The 24-hour trading volume fell from 4.88% to $67.82 billion at the time of reporting. Market capitalization rose 2.54% to $2.39 trillion, coinciding with a 24-hour price rise. Bitcoin’s advantage fell 0.52% to 58.74%, hinting at simultaneous gatherings in the Altcoin market.
(BTC dominance/trade view)
Open gifts of total Bitcoin futures rose 3.59% in 24 hours to $88.4 billion, according to Coinglas data. Bitcoin liquidation was $134.7 million since yesterday, but was dominated by a short seller who was bet in the wrong direction and lost $117.17 million. The long-awaited bull won a portion of the $17.53 million of the overall liquidation diagram.
