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<p>The cryptocurrency market experienced a major shake-up on October 14 as Bitcoin surged past $64,500, marking a new high for October. This significant price increase, a 2.1% gain in 24 hours, caused widespread liquidations across the market.</p><h3 id="over-100-million-liquidated-as-bitcoin-rallies">Over $100 Million Liquidated as Bitcoin Rallies</h3><p>As Bitcoin rallied, over 54,000 traders were liquidated, resulting in losses exceeding $166 million across crypto derivatives markets. Data from<a href="https://www.coinglass.com/currencies/BTC" rel="noopener noreferrer nofollow"> CoinGlass</a> shows Bitcoin shorts accounted for $53.13 million, while Ether (ETH), which climbed to a two-week high of $2,540, saw $28.57 million in liquidations.</p><h3 id="bitcoin-reclaims-market-dominance">Bitcoin Reclaims Market Dominance</h3><p>Bitcoin’s surge brought its market dominance back above 58%, reaching levels last seen in April 2021. Market analysts have been closely monitoring this rally, with some speculating this could signal the beginning of an extended bull run. The term “<a href="https://www.coindesk.com/tag/uptober/" rel="noopener noreferrer nofollow">Uptober</a>” has been frequently mentioned, referring to the historically positive performance of Bitcoin during the month.</p><h3 id="altcoins-follow-bitcoin-s-momentum">Altcoins Follow Bitcoin’s Momentum</h3><p>While Bitcoin took center stage, Ether reclaimed the $2,500 mark with a 2.9% gain. Other altcoins like Solana (SOL), which rose 4.4%, along with BNB, XRP, and Dogecoin, also saw modest gains as the market reacted to Bitcoin’s dominance.</p><h3 id="market-outlook-exciting-phase-ahead">Market Outlook: Exciting Phase Ahead?</h3><p>Experts like <a href="https://x.com/kyle_chasse" rel="noopener noreferrer nofollow">Kyle Chassé</a> believe this rally marks the start of a highly anticipated market phase, stating that “the next big rally isn’t just a possibility—it’s a reality waiting to unfold.” However, caution remains as market volatility continues to loom.</p><p></p><p><em><strong>Disclaimer:</strong> This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.</em></p><p></p><p><em>Source: </em><a href="https://icogemhunters.com/bitcoin-explodes-above-64k-is-another-major-rally-on-the-horizon/" rel="noopener noreferrer nofollow">ICO Gem Hunters</a></p>

Bitcoin Explodes Above $64K—Is Another Major Rally on the Horizon?

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