In brief
- Bitcoin has pushed above $116,000, tipping the total crypto market capitalization over the $4 trillion mark.
- Analysts cited ETF flows, macroeconomic optimism, and a historically bullish fourth quarter trend as key drivers.
- A sharp drop in the options skew shows traders are abandoning downside protection.
‘Uptober’ is off to a good start. Bitcoin surged past $116,000 Wednesday morning, erasing most of its losses from the past two weeks and propelling the total market capitalization of all cryptocurrencies to $4.09 trillion.
At time of publication, Bitcoin is trading at $116,441, up 3.1% on the day, per CoinGecko data.
The bullish momentum ignited a cascade of liquidations, wiping out roughly $60 million in short positions during the London session, according to Coinalyze data. The rally has also boosted Bitcoin’s year-to-date gains, climbing from 15% last Friday to 25% as of October 1.
Go to Source to See Full Article
Author: Akash Girimath
