Many cryptocurrencies, particularly bitcoin, have started October with a move in the right direction. As of the time of this writing, bitcoin is sitting at just north of $28,284 per coin—a 4% jump in the last 24 hours and the first time bitcoin has traded at above $28,000 since mid-August.
Along with bitcoin’s rise, some crypto enthusiasts are throwing around the term “Uptober.” But what does the term mean and how is it related to bitcoin’s rise?
In short, “Uptober” is an amalgamation of two words: “up” and “October.” Many in crypto circles have in recent years begun calling the month of October “Uptober” because, historically, the price of bitcoin has risen in October. As The Coin Telegraph points out, data from CoinGlass shows that bitcoin has only been in the red for two Octobers since 2013. Besides 2018 and 2019, bitcoin’s price has risen in all the other Octobers of the past decade.
The counterweight to Uptober is “Rektember.” Rektember is an amalgamation of “rekt,” which is crypto slang for “wrecked,” and “September.” September is so nicknamed because, since 2013, seven Septembers have seen bitcoin prices in the red for the month, according to an October 2022 report from CNBC TV18.
It’s worth noting, though, that bitcoin did rather well for much of September this year and is up more than 9% over the last month.
Of course, there is nothing scientific about Rektember or Uptober, and you can’t use past performance to predict future results. However, the psychological impact of Rektember and Uptober could lead some investors to sell or buy into the coin, resulting in a self-fulfilling prophecy of sorts.
That said, we are only two days into October so far, so it’s yet to be seen if this month will be another true Uptober or if bitcoin will be seeing red by Halloween.
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