Crypto News Fortbes: Bitcoin Breaches $28K Amid Altcoins Rally

The domain of crypto observed a remarkable event as Bitcoin (BTC) ascended beyond the $28,000-mark early Monday, registering its peak in over a month. Analysts are ascribing this bullish advancement to a combination of optimism surrounding Exchange Traded Fund (ETF) and a seasonality trend that frequently benefits the crypto market. This notable rise underscores the enduring vitality and potential of Bitcoin, amidst the fluctuating landscape of the cryptocurrency market. {showAds}

Bitcoin Breaches $28K Amid Altcoins Rally
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Altcoins Rally: A Closer Look

While Bitcoin flaunted its bullish momentum, the altcoin realm stood not in the shadows. Ether (ETH) gently pushed beyond the $1,700 mark, while Binance Coin (BNB), and Cardano (ADA) contributed gains of 3.3%. Polygon (MATIC) climbed by 5.5%, but the spotlight was usurped by Solana’s SOL tokens, showcasing a striking 14.5% surge. This significant rally in SOL tokens predominantly originated from a revived optimism among traders regarding the network’s potential, highlighting the vibrant and dynamic nature of the altcoin market.


Liquidation: Bears Shed $94 Million

However, the focus was not exclusively anchored on robust price movements. A separate spectacle unfolded within the derivatives market. Short liquidations on crypto-tracked futures played a significant role in bolstering the prices of Bitcoin and Ether.

Revealed data showcased a staggering $94 million liquidation in bets against ascending prices on Sunday, setting the stage for a “short squeeze” scenario. This financial eventuality emerges when a shortfall in supply and an excess in demand converge, a situation brought about by short sellers hastily acquiring stocks to cover their positions, further accentuating the intricate dynamics of the cryptocurrency market.

Market Analysis and Future Outlook

Around 30,000 pessimistic wagers encountered liquidation, with a substantial portion unfolding on the cryptocurrency exchange OKX. Within the sphere of cryptocurrency trading, liquidation occurs when an exchange compulsorily terminates a trader's leveraged position owing to a partial or total diminution of the trader's initial margin.

This adverse event is activated when a trader fails to fulfill the margin requirements for a leveraged position or lacks sufficient funds to maintain the trade, further highlighting the inherent risks and volatility within the cryptocurrency trading landscape.

Amid these market dynamics, certain traders shifted their focus towards the historical seasonality that frequently blesses the cryptocurrency market with bullish inclinations. Samer Hasn, a markets analyst at, highlighted the traditionally bullish atmosphere that envelops the month of October, colloquially dubbed “Uptober” within the cryptocurrency community. 

This term has been coined in light of Bitcoin’s historical gains during this month since 2013, with only a few exceptions. This sentiment harmoniously aligns with the market’s current disposition, potentially paving a rich terrain for further upward movements.


The breach of Bitcoin beyond the $28K mark, accompanied by an altcoin rally, marks a significant event in the cryptocurrency market. While it presents numerous investment opportunities, it's essential for investors to stay informed and understand the market dynamics thoroughly. The liquidation leading to a $94 million shed by the bears highlights the volatility of the market, underscoring the importance of cautious and informed investment strategies.

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