In recent times bitcoin’s volatility has been the lowest it’s been since 2020 and after last month’s market downturn, crypto enthusiasts expected a reversal in October. In fact, bitcoin has seen gains in October ten times out of the last 13 years, which has led crypto enthusiasts to call the month “Uptober.” While bitcoin is up close to 3% against the U.S. dollar since the start of the month, and there’s just over two weeks left until the end of October, bitcoin supporters are curious about how this month will end.
Bitcoin Has Two Weeks Left Until the End of ‘Uptober’ — Leading Crypto Is up 3% Since October 1
Bitcoin’s dreadful September is over and traders wonder if October will showcase a market reversal for the leading crypto asset by market capitalization. Bitcoin has been range bound and less volatile and currently, the technical indicator called Bollinger Bands is extremely tight, indicating a move down or up is coming soon. Usually, October is a good month in terms of BTC gains as the leading crypto asset has seen a run-up ten times out of the last 13 years. BTC saw percentage losses in October in 2011, 2012, and 2018, and the during the rest of the Octobers, besides 2009, bitcoin (BTC) saw decent gains.
We had all hoped for Uptober for #crypto, instead, it seems we are getting CRABTOBER!!!
Still got two weeks though…
— Lark Davis (@TheCryptoLark) October 16, 2022
In 2009, BTC was considered near worthless and it wouldn’t be until the following year that the leading crypto asset saw real-world value and steep gains. For instance, on October 1, 2010, a single bitcoin was trading for $0.06 per unit and by the 31st, BTC was exchanging hands for $0.20 per unit. During the month of October 2010, BTC increased in value by more than 221%. During the next two years, BTC’s performance in October was lackluster compared to 2010. On October 1, 2011, BTC was trading for $5.14 per unit and it ended the month 36.4% lower at $3.27.
Uptober, please.
— Alt Crypto Gems (@AltCryptoGems) October 13, 2022
2011 was the first October in bitcoin’s lifetime that it recorded percentage losses. When October started in 2012, BTC was trading for $12.40 per coin and by the end of the month, it was down to $10.89 per unit or down 12.2% for the month. After 2012, BTC would not see any percentage losses during the month of October until 2018. In October 2013, BTC climbed 52.27% higher during the month from $129 per coin to $196.44….
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