Many market participants bought into “Uptober” optimism, with Bitcoin remaining above the $20,000 level
BitcoinThe world’s largest cryptocurrency continues to hover above the $20,000 level.
At press time, it is sitting at $20,520 on the Bitstamp exchange after adding 5.5% in October.
Bitcoin managed to close its first green monthly candle since July, with the “uptuber” meme living up to expectations.
While Bitcoin remained mostly in limbo, Dogecoin, the most popular meme coin, led the rally.
the logic behind the moniker
Since cryptocurrency trends are cyclical, various patterns emerge that become self-fulfilling predictions. For example, September is a bearish month, which was the case this year. At the same time, cryptocurrencies recover in October, which is why the month has been jokingly nicknamed “Uptouber” by members of the community.
In 2021, the global cryptocurrency market cap grew to $2.6 trillion by the end of October, with meme coins of the likes of Shiba Inu (SHIB) stealing the spotlight with massive gains.
“Moonweber”?
After “Uptuber”, market participants have now pinned their hopes on “Moonweber”.
Last November, Bitcoin reached its current peak of $69,000. Bitcoin is still down a staggering 70.27% from its record peak.
