Bitcoin has continued its upward trend in the month of October by beating last week’s high and soaring to a record five-month high price of $57,000.
October has been dubbed “Uptober” by Bitcoin bulls and crypto enthusiasts. At $57,000 BTC is just 15% from its all-time-high of $64,500. With its current performance Bitcoin is once again looking like the ultimate store of value and digital gold.
While BTC continues to soar, altcoins have been at the receiving end. As presently majority of the cash inflows into crypto is going to Bitcoin. Many traders are predicting a “Bitcoin season” before money now flows to Alts marking the start of an “Altseason”.
September was a very trying month for the number one cryptocurrency with a barrage of FUD from China which resulted in a dip below $40,000. However, Bitcoin recovered successfully and everything is now set in motion to attack the next resistance at $64,500 with the first ever Bitcoin ETF approved by SEC.