Bitcoin has kicked off October with a strong rally, surging to a seven-week high of almost $119,450.
The rally was so big it even pushed Bitcoin’s market value past Amazon’s. It’s not just Bitcoin, either; other major coins like Ether, Solana, and Dogecoin are all riding this wave and seeing great gains.
So what’s behind this sudden Bitcoin surge? It’s a mix of major economic and historical trends. First, there’s a good chance the Federal Reserve will cut interest rates again this month, mostly due to a weakening US job market.
Then there’s the history of Uptober. Based on our findings, Bitcoin has gained value in ten Octobers in the past 12 years, making it the most reliable month for gains.
While Bitcoin has now broken past a key resistance level at $117.5K, it still has its eyes on the $120K mark.
It’s a powerful upgrade that gives Bitcoin the speed and low costs it needs to become useful for things other than HODLing.
It’s about making the world’s most secure crypto also one of the fastest and cheapest to use.
Transaction speeds become next to nothing, meaning Bitcoin is one step closer to being a truly practical currency.
The project is getting a lot of attention because it has the potential to transform Bitcoin into a powerful tool you can use in everyday life without giving up any of its legendary security.
