Originally published on: October 15, 2024
The cryptocurrency market witnessed a surge on October 14, with publicly traded crypto-linked companies in the US experiencing significant gains as Bitcoin surged by 6% to briefly surpass $66,400, marking its highest price since July 30.
Among the top performers of the day was Bitcoin miner CleanSpark, which closed with a remarkable 12.72% increase at $10.81 and continued to climb by 1.72% in after-hours trading. Following closely was crypto exchange Coinbase, achieving an 11.3% gain and reaching $196.35, hitting a seven-week high. The momentum carried on with a 1.71% climb to $199.70 after hours.
Other notable gainers included crypto miner Iren (formerly Iris Energy) with double-digit percentage point gains of 10.21%, as well as competitors TeraWulf and MARA Holdings (formerly Marathon Digital) with gains of 6.65% and 5.6%, respectively.
Even amidst the overall positive trend, some companies saw slight declines, such as business intelligence firm MicroStrategy, which dropped 5.1% to $201.67 on the day but experienced a slight recovery of 1.65% to $205 after hours. Bitcoin miner Core Scientific also saw a minor dip of 1.9% to $12.97, with a slight uptick to $13.05 post-trading hours.
The surge in prices and after-hours gains coincided with a 5.7% increase in the price of Bitcoin over the past 24 hours, leading to speculations among industry analysts about the potential kickoff of “Uptober.”
Bitcoin analyst On-Chain College highlighted that Bitcoin had surpassed key support levels, including the 200-day moving average, suggesting a possible breakout in pricing. Could this mark the beginning of “Uptober”?
Dan Tapiero, founder of crypto investment firm 10T Holdings, believes that Bitcoin is on the verge of breaking through $70,000, indicating a bullish trend ahead.
With the approaching 2024 halving event and the upcoming US election, experts like CK Zheng from crypto hedge fund ZX Squared Capital foresee Bitcoin surging above its all-time high of $73,738 in the fourth quarter or shortly after.
Bitcoin is currently trading at $66,270, still around 10.4% below its record high set on March 14. The market remains optimistic about the potential for further growth and breakthroughs in the coming months.
