Bitcoin’s traditional October upswing—dubbed “Uptober” by traders—is spilling over into the wider crypto market. The renewed momentum has wiped out hundreds of millions of dollars in bearish bets and pushed older tokens back into the spotlight.
Litecoin has jumped 10% in the past 24 hours to $118, while Stellar has climbed 9% to $0.40. The gains come as Bitcoin itself has risen more than 8% since September 28, setting a higher base for October and fueling a broader market rally.
Data from CoinGlass show more than $480 million in short positions liquidated within a single day, compared with $110 million in long positions. The outsized losses for bears highlight the strength of buying pressure and the sudden shift in sentiment from fear to greed. The Crypto Fear and Greed Index has now reached a six-week high.
Market watchers attribute part of the move to macroeconomic jitters—such as a potential U.S. government shutdown and weaker private-sector jobs data—prompting investors to seek “safe-haven” assets like Bitcoin and gold. With confidence building, capital is rotating into “dino coins,” a nickname for older Layer-1 tokens launched before the current crop of blockchains.
Litecoin’s rally is also tied to anticipation around the proposed Canary Litecoin ETF, which faces a final decision deadline from the SEC on October 2. Should approval come through, it would mark a milestone for the long-running cryptocurrency.
Bitcoin, currently near $118,600, is up 3.5% on the day and 8% since late September. If its momentum continues, analysts say it could hit $140,000 soon—potentially extending the altcoin rally and keeping “Uptober” on track.
