Bitcoin (BTC) surged past the $28,000 benchmark on Monday, its highest peak in over a month. This bullish stride is attributed to a combination of Exchange Traded Fund (ETF) optimism and a seasonal trend that often favors the cryptocurrency market.The altcoin sector also experienced a surge, with Ether (ETH) surpassing $1,700, Binance Coin (BNB) and Cardano (ADA) gaining 3.3%, and Polygon (MATIC) increasing by 5.5%. Solana (SOL) tokens, however, stole the show with a 14.5% uptick, likely due to renewed optimism among traders towards the network’s prospects.The derivatives market also saw a dramatic event, with a “short squeeze” resulting in a $94 million loss for bears. This phenomenon occurs when there is a shortage in supply and an abundance in demand, due to short sellers buying stocks to cover their positions.Analysts have pointed to a historical seasonality that often brings bullish tendencies to the cryptocurrency market in October, which could potentially lead to further upward trajectories.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	8
People	XS.com, Samer Hasn
Companies	OKX, Solana (SOL), Coinbase, Exchange Traded Fund (ETF), XS.com
Currencies	Solana, Cardano, Ethereum, COIN, Bitcoin
Securities	None