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Bitcoin Breaks 6-Year Tradition as Traders Kick Off “Uptober”

Bitcoin Breaks 6-Year Tradition as Traders Kick Off “Uptober”

Essential Insights For FunderPro’s Traders

Key Takeaways

  • “Uptober” starts off strong as traders pump Bitcoin’s price by 5% to top $28,000
  • Bitcoin escapes September unscathed, breaking a 6-year-long tradition of losses

Substantial Gains

Bitcoin is changing hands today at $28,206 with a market cap of $552bn, giving longer-term investors a healthy 71% increase since January. In comparison, the Nasdaq 100 index has returned a lesser average of 39.64% this year so far. 

The cryptocurrency started off 2023 in a sad state of affairs at $16,498. Throughout the year, it reached a peak level of $31,808 in July, before dipping to $25,000 in August, kicking off September at the same watermark. To this end, Bitcoin made it through September with a 3.8% increase, breaking a six-year streak of declines in September. 

The crypto community is already gearing up for a successful month ahead. Commonly known as “Uptober”, October is historically known for bullish moves in the Bitcoin market. Historically, October is one of the best-performing months, alongside November, and analysts are expecting to see if prices cross  $30,000 per coin, should market sentiment remain positive. Of course, historical data should only be part of your technical analysis before deciding to add Bitcoin, or any other crypto, to your portfolio. The trailblazer of the crypto world, Bitcoin was made available to the public in 2009 and was first used to purchase two pizzas in Florida for 10,000 BTC, which would now be valued at over $250mn. Now, due to its restricted supply, Bitcoin is one of the most sought-after cryptocurrencies in the world and is widely used across the globe, including as one of the ways traders can purchase a FunderPro challenge.

September Recap

There’s a lot to look back on from September. The US dollar gained strength due to the Fed’s “higher for longer” posture on interest rates. The US GDP and PCE reports were announced last week, which are some of the Fed’s preferred measures of economic health. 

Gold continues to fall below the $1,900 level as investors sell off the yellow metal, surpassing August’s low point of $1,884. This week, the US unemployment rate and jobs number will be announced on Friday, and traders should prepare for possible market volatility following in its wake. 

With all this in mind, whether or not to invest in Bitcoin is up to you, and your risk appetite. 

With the beginning of a new quarter, now is a prime opportunity to scrub up on the trading essentials, and to take a moment to assess your long-term goals.