According to an Oct. 30 post on X from CoinGecko, crypto performance has reported positive growth in 8 of the past 10 Octobers.
In October 2023, the crypto market has since been reported to be up 18.1 percent, as compared to October 2022, which reported 7.3 percent growth.
10 years in the making
In 2023, CoinGecko data shows that the cryptocurrency market has once again experienced the Uptober effect, with a 58.9 percent year-to-date (YTD) surge.
This would make October the fifth consecutive year of the “Uptober phenomenon”, and this year’s rally propelled the total crypto market capitalization to exceed $1.3 trillion, a milestone last seen since the middle of April.
The report goes on to conclude the crypto market generally experiences a positive effect, a conclusion reached by looking at 10 years of data, all of which is often based on a strong Bitcoin price.
Riding ETF optimism
On Oct. 23, Bitcoin crossed a major barrier, hitting $35,000, in a high that had not been seen since May 2022.
The bullish momentum for this month was said to be fueled by the anticipation of a spot Bitcoin ETF approval, with key players like Grayscale and Blackrock putting their applications in and adding to the positive market sentiment noted this month.