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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/top-reasons-why-bitcoin-price-is-up-today/">Top Reasons Why Bitcoin Price is Up Today</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>Today, the crypto market is surging, breaking through the $31,000 mark, and it’s not by chance; it’s the result of a combination of various factors, one of which is the crypto market’s volumes reaching their highest levels for the month of October.</p>
<p>Meanwhile, an interesting <a href="https://twitter.com/Btcexpertindia/status/1716301380837920988" rel="noopener noreferrer nofollow">report published</a> by blockchain data that a whopping 76% of all Bitcoins are held by long-term holders, those who haven’t moved their coins for over 155 days. This unwavering confidence from long-term holders is one of the driving forces behind today’s market upswing.</p>
<h2 class="wp-block-heading" id="strong-october-sets-daily-volume-records-strong"><strong>October Sets Daily Volume Records</strong></h2>
<p>October has gained the nickname “Uptober” due to its historical positive returns in the crypto market. On 19 October, Bitcoin and crypto market volumes surged from $1 billion to over $2.7 billion.<br><br>Notably, the trading volume recorded on October 15 set a <a href="https://s3.cointelegraph.com/uploads/2023-10/d07141fa-dbc1-480e-864d-1e618ac530a1.png" rel="noopener noreferrer nofollow">new record</a>, marking the highest daily trading volume for the entire month.</p>
<p>Leading the charge in today’s rally are Bitcoin (BTC), currently trading at <a href="https://markets.coinpedia.org/bitcoin/?_gl=1*1mj99om*_ga*NTQzNDc3MzQ4LjE2OTcxODMzODc.*_ga_RE1GG3FGQW*MTY5ODAzNjM1OS4xMC4xLjE2OTgwMzgyMDMuNTEuMC4w" rel="noopener noreferrer nofollow">$30,809</a>, Solana (SOL) at <a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow">$30.85</a>, and a host of other altcoins. Their collective resurgence rekindles the familiar and bullish momentum often associated with “Uptober.”</p>
<h2 class="wp-block-heading" id="h-bitcoin-regains-dominance"><strong>Bitcoin Regains Dominance</strong></h2>
<p>Bitcoin is making a strong comeback in the crypto market, positioning itself above the 50% market dominance threshold, a feat it hasn’t achieved since June 28.</p>
<p>Typically, when Bitcoin’s dominance breaks, there’s a surge in interest in altcoins and other cryptocurrencies. This renewed dominance coincides with Bitcoin models projecting its potential to <a href="https://coinpedia.org/bitcoin/bitcoin-halving-prediction-2024-pantera-capital-predicts-btc-price-to-hit-135k/" rel="noopener noreferrer nofollow">reach $135k</a> following the 2024 Bitcoin halving event.</p>
<h2 class="wp-block-heading" id="strong-liquidations-and-short-squeezes-strong"><strong>Liquidations and Short Squeezes</strong></h2>
<p>The crypto market rally commenced on October 21, triggering a wave of short position liquidations across the market, totalling more than $64 million within a mere 24 hours. Leading the way were Bitcoin short liquidations, including a staggering single liquidation of $2.53 million on the Binance exchange.</p>
<p>Despite the losses suffered by short-sellers, 50.9% of the futures market remains skewed toward short positions. This imbalance presents the potential for a short squeeze that could further drive prices upward.</p>
<p>While October’s positive price action provides a short-term boost, Bitcoin and altcoins still face potential risk events that could impact their prices.</p>

Top Reasons Why Bitcoin Price is Up Today

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