Bitcoin surged past $114,000 on Tuesday, continuing its positive momentum as traders embraced October’s reputation for strong returns. The world’s largest cryptocurrency rose 2.1% to $114,007.8 at 02:12 ET (06:12 GMT), after touching $114,776 in the last 24 hours.
The rebound comes after last week’s dip below $109,000, triggered by heavy liquidations and the expiration of quarterly options. Historically, October—nicknamed “Uptober” by crypto enthusiasts—has delivered average gains exceeding 20%, adding seasonal fuel to the rally.
On-chain metrics also point to increased accumulation by large Bitcoin holders, known as whales. This renewed buying activity has reinforced optimism among traders, who see whale confidence as a signal of potential sustained gains.
Market Factors Shaping Sentiment
Despite the price jump, broader market sentiment remains cautious. U.S. lawmakers are facing a looming deadline to approve federal funding and avoid a government shutdown, a political standoff that could delay the release of crucial economic data.
The uncertainty has left investors closely watching Washington, with Friday’s nonfarm payrolls report at risk of postponement. Such a delay could impact Federal Reserve policy expectations and, by extension, crypto market positioning.
Meanwhile, Vanguard Group is considering a significant shift in its stance on digital assets. According to Bloomberg, the firm is weighing whether to allow cryptocurrency-focused exchange-traded funds (ETFs) on its platform. With over 50 million investors and $11 trillion in assets, Vanguard’s potential move could widen access to Bitcoin and Ether ETFs, though no final decision has been made.
Key factors supporting Bitcoin’s rally:
- “Uptober” seasonality with historical 20% gains
- Whale accumulation signaling investor conviction
- Vanguard’s potential entry into crypto ETF access
- Broader market caution tied to U.S. politics
Altcoins Remain Mixed
While Bitcoin captured most of the spotlight, altcoins traded within narrow ranges. Ethereum climbed 2% to $4,182.75, and XRP gained 1% to $2.90. Solana advanced 0.8%, while Cardano edged 0.6% higher. In contrast, Polygon fell 1%.
Meme tokens showed weakness. Dogecoin slipped 0.6%, while $TRUMP retreated 1.5%. The divergence highlights that while Bitcoin benefits from whale buying and seasonal trends, smaller tokens remain vulnerable to profit-taking and weaker inflows.