The Reason For The Rise In Price Of Bitcoin In October

According to B2C2, in recent weeks the OTC cryptocurrency market has been actively biased towards buyers, while retail investors on crypto exchanges prefer to sell the main digital asset.

In early October, the value of bitcoin increased by almost a third as a result of increased demand for the asset from institutional investors, reports The Block , citing data from the B2C2 analytical company.

Analysts say the market has been “actively biased towards buyers” in recent weeks.

B2C2 notes that in the period from October 3 to October 10, the trading balance on cryptocurrency exchanges was shifted towards sales (57.4%), which indicates massive sales of the first cryptocurrency by retail investors.

During the same period, the balance of OTC markets shifted towards purchases (54.8%). Analysts say this indicates the accumulation of cryptocurrency by large investors.

Since the beginning of October, bitcoin has risen in price by 32%. The cost of the first cryptocurrency on October 12 for the first time since May exceeded $ 57.8 thousand.

In October, the capitalization of bitcoin for the first time in the last five months exceeded $ 1 trillion.