Bitcoin Skyrockets Past $28,300, Sending Cryptocurrencies Soaring: The Astonishing Rally You Won’t Believe

October started off on a positive note for the cryptocurrency market. On Monday (02), Bitcoin opened with a rise of over 4% and at the time of writing this article, it is worth over $28,300. In the Brazilian real exchange rate, the increase is 3.8%, with the leading cryptocurrency being valued at R$142,650.

This upward movement comes after Bitcoin closed September with a rise for the first time since 2016. The leading cryptocurrency ended last month with a nearly 4% increase, surpassing the $26,000 mark and reaching a little over $27,000 on the last day of the month. Now, it has once again surpassed the $28,000 mark for the first time since August of this year.

The $28,500 level has acted as an important support level in the previous bullish market and may become a key price level to be watched in the coming weeks, potentially turning into a resistance level.

“These gains in cryptocurrencies come with the optimistic sentiment that characterizes the month of October in general,” said Samer Hasn, market analyst at XS.com. “Bitcoin has not recorded monthly losses in October since 2013, except twice, which has led to this month being called ‘Uptober’ within the crypto community.”

Other cryptocurrencies in the market have followed Bitcoin’s upward trend, but not with the same strength. For example, Ethereum (ETH) rose 2.1% to $1,727, approximately R$8,690 according to the current exchange rate.

Among the other top 10 cryptocurrencies by market value that experienced an increase on Monday are: BNB (+1.2%), STETH (+2.3%), Solana (+3.8%), Cardano (+1.5%), and Dogecoin (+1.4%). Meanwhile, XRP and the stablecoins USDT and USDC remained stable, with prices remaining unchanged.

According to CoinGecko, the cryptocurrency that recorded the highest increase in the past 24 hours was Bitcoin SV (BSV), which jumped 17.7% to $37.56.

On the other hand, despite the majority of altcoins experiencing a rise, some cryptocurrencies also saw a decrease. This was the case for Maker – MKR (-5.5%), GMX (-4.7%), Chainlink (-3.2%), LDO (-2.1%), FXS (-2.3%), Algorand (-1.1%), Toncoin (-1.0%), among others.

Amidst the highs and lows, with highs mostly prevailing, the total market value of cryptocurrencies jumped 3.1% on Monday to $1.16 trillion (R$5.82 trillion). At the time of writing this article, Bitcoin has a dominance of 47.6% and ETH has a dominance of 17.9%.

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