This price is now just shy of its all-time high (ATH) of $73,770, set in March 2024, indicating strong market momentum and impressive growth in the cryptocurrency sector. However, BTC has since made a slight correction and is currently hovering around $72,500, suggesting a degree of stability following the recent price surge.
Bitcoin’s growth this October has not been coincidental; it has been supported by significant factors, making October—commonly known as “Uptober” in the crypto investment world—a traditionally strong month for BTC price increases. This year, Bitcoin has surged over 14% this month alone, bringing its year-to-date growth to nearly 75%, doubling the level seen at this time last year.
One of the key drivers behind this rally has been U.S. financial policy and the expansion of Bitcoin ETFs. The Federal Reserve’s first interest rate cut in four years has paved the way for more capital to flow into riskier assets, including cryptocurrencies. Alongside this, Bitcoin ETFs, led by BlackRock, have seen robust purchasing activity, pushing institutional BTC holdings to record highs. On October 29 alone, BlackRock’s IBIT ETF reported $3.3 billion in Bitcoin trading volume, showcasing BTC’s increasing appeal to major investors.
While Bitcoin has seen strong gains, major altcoins have yet to reflect this upward trend. This divergence is evident in the Bitcoin Dominance (BTC.D) index, which has surged to 60.18%—its highest level since March 2021—signaling that capital is flowing primarily into Bitcoin, leaving altcoins somewhat sidelined. Additionally, derivatives liquidations across the market over the past 24 hours reached $255 million, with 74% attributed to BTC short positions.
Analysts suggest that the upcoming weekly and monthly candle closures will play a critical role in determining whether BTC can continue establishing new record highs. With support from both macroeconomic factors and rising institutional interest, Bitcoin is expected to maintain its strong position, with potential to further ascend toward new highs in the near future.
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