Bitcoin experienced a significant price surge on Monday, October 14, breaching the $64,000 mark and reaching a high of $64,109. This marked a 2.1% increase in just 24 hours, bringing Bitcoin back to levels not seen since late September.
The rally caused a ripple effect in the market, resulting in the liquidation of over $100 million in short positions. According to Coinglass, 54,589 traders were impacted, with the total liquidation amount exceeding $166 million.
Bitcoin shorts accounted for a substantial portion of the liquidations, totaling $53.13 million. Ethereum, which also saw a price increase to $2,540, recorded $28.57 million in liquidations.
Bitcoin’s impressive gain pushed its market dominance back above 58%, approaching its highest point since April 2021. This surge has fueled speculation among analysts about a potential market rally, often referred to as “Uptober,” given October’s historically positive performance for Bitcoin.
Other cryptocurrencies also benefited from the bullish sentiment, with Solana experiencing a 4.4% increase and high-cap altcoins like BNB, XRP, and Dogecoin recording modest gains.