Bitcoin the world’s largest cryptocurrency, continues to hover above the $20,000 level.
At press time, it’s worth $20,587 according to C oinmarketcap, up 5.5% in October.
Image courtesy of tradeview.com
Bitcoin managed to close its first monthly green candle since July and the “Uptober” meme lived up to expectations.
While Bitcoin remained in limbo, Dogecoin, the most popular meme coin, led the rally.
As cryptocurrency trends tend to be cyclical, various patterns emerge that tend to become self-fulfilling prophecies. For example, September tends to be a bear month, as it has been this year. At the same time, the cryptocurrency tends to recover in October, which is why this month was jokingly renamed “Uptober” by members of the community.
In 2021, the global crypto market capitalization has grown to $2.6 trillion by the end of October, and meme coins like the Shiba Inu (SHIB) have attracted attention with huge profits.
After Uptober, market participants have high hopes for Moonvember.
Last November, Bitcoin hit its current peak of $69,000. Bitcoin is still down a staggering 70.27% from its all-time high.
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