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Bitcoin trade price pumps, as October acts as Uptober for Crypto market 

Bitcoin trade price pumps, as October acts as Uptober for Crypto market  11

In the last 24 hours, the trade price of the majority of the crypto assets showed a significant increase despite zero entry of positive news in this market. 

The current trade price of Bitcoin is $28,125 & this trade price is 3.6% higher over the last 24 hours’ trade price, while 7.61% higher over the last week.

Bitcoin trade price pumps, as October acts as Uptober for Crypto market  7

The Bitcoin trade price graph shows that price is continuously surging and the initial phase of this rally was already started before the start of this month.

A similar kind of increment in the trade price of Ethereum(ETH), the second top crypto asset by trade volume after Bitcoin, surged rapidly in the same time frame.

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The current trade price of Ethereum is $1,723 & this trade price is nearly 10% higher over the last 7 days of trade price.

Bitcoin trade price pumps, as October acts as Uptober for Crypto market  8

The majority of crypto traders are failing to understand the main reason behind this sudden increment in the trade price of the top crypto assets.

In reality, the majority of the big crypto traders focused on the past positive pattern of Bitcoin trade price. It has been found that Bitcoin always grabbed some significant increment in the trade price in October of almost every year.

If we look back to 2022, the trade price of Bitcoin surged nearly 12% in October of the last year but started to face a downfall after the first week of November.

Bitcoin trade price pumps, as October acts as Uptober for Crypto market  9
Source: Coindesk

Bitcoin Greed & Fear Index

The current Bitcoin Greed & Fear Index is 48, which means panic of confidence level of crypto Investors is neutral. Alternatively we can say that people are not optimistic about the Bitcoin trade price for the upcoming month.

Bitcoin trade price pumps, as October acts as Uptober for Crypto market  10

At this point, the Crypto sector needs some big positive news so that this increment in the trade price can act as a catalyst to bring the initial phase of the Bitcoin bull run.

For Crypto 2024, the current whole situation showed a picture in which crypto proponents considered that approval for the Bitcoin spot ETF applications will come in the first quarter of the next year and that will further inject more funds inflow in billions of dollars in this innovative sector.

Read also: Automobile Giant Honda accepts Bitcoin payment

Bitcoin trade price pumps, as October acts as Uptober for Crypto market 

 

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