October is always an exciting month for the crypto ecosystem with its trending hashtag #Uptober. The reason is, that this month has a history of increasing coin prices, including Bitcoin. Moreover, Bitcoin also has a curse about September which always makes its price decrease.
However, October 2024 seems different compared to previous years where there has been movement since the beginning of the month. What is the condition of the crypto ecosystem in October this year? Will the tradition of price increases just come too late this month or will this year be an exception? Check out the complete analysis in this article.
Crypto Market in October 2024
Starting from Iran’s attack on Israel on October 1, the investment world was affected, including the crypto ecosystem. The majority of crypto coins experienced a decline in price, including large coins, such as BTC, ETH, SOL, USDT, and XRP.
The launch of various coins from Telegram games such as CATS also experienced a decrease in hype so the price did not match expectations, even far below the pre-market price.
Bitcoin Price is even known to have experienced a decline of up to $5000 until October 3, leaving it at the level of $61,000. Other tokens are in the red zone without being able to avoid unclear market conditions.
Bitcoin Price Conditions when #Uptober is Late
Now, October has entered its second week. Until now, the condition of the crypto market is still unpredictable, it is still very volatile. When this article was written, crypto market conditions were very good. The majority of tokens are in the green zone with not too significant increases.
However, Bitcoin price still hasn’t been able to surpass the price increase in September which is known as the curse of falling prices. Quoted from u.today, in an article written on September 28, the price of Bitcoin touched the $66,000 level in the last week. However, currently, Bitcoin is still stuck priced at $64,000 with conditions fluctuating since early October.
Above is the condition of the Bitcoin price chart when this article was written on October 14. As can be seen, the price of this coin king is $64,434 with an increase of +2.56% in 24 hours. Previously, BTC was at its highest price in a similar period at $64,860.
This highest price has actually passed the resistance phase which crypto analysts predict will be able to bring BTC to experience a price spike of up to $70,000. However, the highest price quickly fell and made BTC unable to maintain the resistance price for a long time.
Conclusion: Will #Uptober 2024 Be Here Soon?
#Uptober has become a tradition in the crypto ecosystem by using data from the last 5 years and showing similar trends, namely the increase in token prices in October.
Even though October 2024 looks quite pessimistic for crypto to experience the #Uptober tradition due to various conditions, in fact in previous years #Uptober did not happen immediately at the beginning of October.
In 2020, Bitcoin prices appeared weak until October 16 and only experienced a significant increase of up to 30% in the following two months. In 2021, the condition of the crypto ecosystem was also very volatile in October.
#Uptober in 2023 also only starts in mid-October with a steady price spike at the end of November.
With the data above, we can still be optimistic about #Uptober 2024. What is certain is that you can continue to follow the latest news about the crypto ecosystem by accessing the Bitrue website. Price checking Bitcoin to USD It can also be done easily with Bitrue so you don’t need to change websites.
To check how to buy Bitcoin tokens and others for those of you who have just joined the crypto ecosystem, Bitrue has various features that can help you carry out independent research.
Comments