‘Uptober’ is a well known term in bitcoin (BTC) and cryptocurrency enthusiasts. In the complete history of bitcoin, it only managed to close the month of October in the red. This happened in 2011, 2014 and 2018. As a result, many investors are biased that October will be a green month for BTC and with it the entire cryptocurrency market. September is also often a worst month for digital gold and the entire cryptocurrency market. Bitcoin managed to close the month of September in the red a total of eight times out of 12.
Last year, October once again proved that the nickname isn’t for nothing. It went from $ 40,000 to more than $ 60,000 in a matter of weeks. A funny fact is that Satoshi Nakamoto, the anonymous founder of bitcoin, first introduced the White paper released in October 2008. This may be another reason why many investors are looking positively towards October.
Uptober in bear markets
While bitcoin has managed to close the month of October in green almost every year, it is a completely different story in a bear market. Cryptocurrency analyst Ali Martinez has released a chart showing BTC’s monthly performance since 2010. This chart shows that in the previous bear markets, the cryptocurrency performed poorly in October. In 2011 it fell by a whopping 36.77%, in 2014 it fell a total of 12.96% and in 2018 the king of cryptocurrencies 4.06% by value.
#Bitcoin | Note that in all previous bear markets, $ BTC it doesn’t work well in October. 👀 pic.twitter.com/Dug2ILtfrs
– Ali (@ali_charts) October 2, 2022
BTC rate
At the time of writing, the bitcoin price $ 20,800. It started the month of October with a price tag of $ 19,379, which has seen it rise nearly 8% so far. The total market capitalization of BTC as of this writing is close to 400 billion. As of October 1, the total market capitalization was $ 371.47 billion. However, the price has also dropped briefly over the past month to a value of $ 18,408, according to data from CoinMarketCap. In two days the month of October will end and we can take stock of whether there has been another uptober this year.
