"The crypto market is already green, but can the price continue its upward momentum?"
The king of cryptocurrency Bitcoin (BTC) early this morning managed to surprise investors when its price was found to break through $28,000 after hovering below the $27,000 level for a long time.
In addition to BTC, the second largest crypto Ethereum (ETH) also saw a significant rise as its price has reached $1,751 from $1,668 while Ripple (XRP) has crossed $0.50.
Therefore, most investors are of the view that the sudden movement made by the crypto market is due to the arrival of "Uptober" while other communities say that someone has learned something that no one else knows.
In context, Uptober is the crypto term for October following it was a bullish month for BTC price including other digital assets.
However, one of the key events that the crypto market is currently watching is the potential approval of the spot BTC ETF by the Securities and Exchange Commission (SEC) but the majority of analysts expect January 2024 to be the key date for such an announcement.
Like to be informed that traders who hold spot and long positions may have generated a good profit following the increase in the price of BTC, however the fate of short sellers is not the same because $70 million in short positions were liquidated in just two hours.
By observation, almost $36 million worth of short BTC and $23 million in short ETH were liquidated when the prices of the two digital assets suddenly made a surprising move at the opening of the Asian market session today.
As of this writing, BTC price has jumped 3.13% to $27.842 in the last 24 hours with a market capitalization of $542 billion while ETH is up 2.88% at $1,721 and XRP is up 1.35% at $0.52.
