On the 26th of October, the cryptocurrency suddenly woke up again and rebounded the market over the past 24 hours. In the past 24 hours, the two leading cryptocurrencies in the market, Bitcoin and Ethereum, recorded $1 billion in trades and led the resurgence of the market. This crypto market rebound increased the chances of the famous Uptober meme living up to its promise.
According to data from Bitcoin Monthly Return, October has historically been positive for the leading cryptocurrency, Bitcoin. In October, Bitcoin monthly gains were recorded ten times out of the last 13 years, which is spectacular growth from the market-leading cryptocurrency. For example, in 2021’s October, Bitcoin set the decisive ground for itself and reached its highest-ever value above $69,000 in early November.
However, the price of Bitcoin this year consistently went down, which spread fear among investors. This month, Bitcoin struggled between $19,000 and $20,000, losing more than 60 % of its high all-time high value.
On the 25th of October, Bitcoin, the leading cryptocurrency, surged 5% and hit the mark of $20,000 for the first time since the beginning of October. According to data from CoinGecko, over the past 24 hours, its trading value continued to increase, as it recorded a 7.2% gain and a $20,659 price.
The second largest cryptocurrency in the market, Ethereum, recorded even more spectacular price movement over the past 24 hours, as its value increased by 14%, and is currently trading at $1,536.
According to data from CoinGlass, with the trading value increase in ETH and BTC, over the past 24 hours, the overall crypto market recorded $1.13 billion in trading. From $1 billion of recorded trading volume, there were $550 million of Bitcoin and $476 million of Ethereum. Over the past 24 hours, the cryptocurrencies which led the market to this high trading value were BTC and ETH.
In this upmarket trend, the currency exchange that benefited most was the FTX exchanger, which recorded $862 million.
