The price of Bitcoin (BTC) has increased 5% over the past 24 hours and is trading above $28,000 U.S. for the first time in two months.
Other cryptocurrencies are also rising to start October as digital assets break above an established trading range to begin the new month.
The price of Ethereum (ETH), the second biggest crypto, is up 3% over the last day and trading above $1,700 U.S.
Bitcoin had been stuck trading right around $26,000 U.S. since August amid low volatility and trading volumes. But now, the crypto appears to be breaking out once again.
Like stocks, cryptocurrencies typically enjoy a rally in October, or “Uptober,” as some crypto investors call the month.
Since Bitcoin’s price began rising in the last few days, more than $250 million U.S. worth of short positions betting on a fall in the crypto asset’s price have been wiped out.
Bitcoin’s price rose in September for the first time in seven years, adding momentum to the digital asset heading into October.
As it has throughout this year, Bitcoin outperformed stocks in September as all three major U.S. indices finished the month in the red.
Smaller cryptocurrencies and altcoins are also rising currently, with Cardano (ADA) climbing 5% and Polygon (MATIC) increasing 4%. Meme coins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), are up about 2% to begin October.
