Seventeen years after Satoshi Nakamoto released the Bitcoin white paper, the digital asset it introduced faces a rare monthly decline. Once a technical experiment, Bitcoin is now a $2 trillion market asset, but current conditions suggest its first red October since 2018 may be on record.
Bitcoin’s Foundation and Growth
The white paper, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” was published on October 31, 2008, during the global financial crisis. It outlined a peer-to-peer network built to process transactions without relying on financial institutions.
In early 2009, Nakamoto mined the first block on the network, starting what would become the world’s largest decentralized digital system. The launch rewarded 50 BTC and marked the beginning of a shift toward non-centralized finance.
Market Value and Industry Role
Bitcoin’s value has grown far beyond its original scope. It is now the eighth-largest asset by market capitalization, sitting just behind Amazon and silver, according to CompaniesMarketCap. Its adoption has reached governments, institutions, and millions of retail users.
Narek Gevorgyan, founder of CoinStats, commented on the asset’s path: “Bitcoin’s journey symbolizes more than market capitalization; it represents a global movement toward transparency, ownership, and innovation.”
The digital currency continues to play a role in global finance, despite regulatory shifts and ongoing market volatility.
October Breaks a Seven-Year Pattern
Bitcoin has dropped over 3.5% this month, putting it on track for its first negative October in seven years. The last October loss came in 2018, when the asset declined by 3.8%. Data from CoinGlass confirms that October has usually been one of Bitcoin’s stronger months, with average gains of nearly 20%.
On October 17, the price fell to $104,000, its lowest in four months. Analysts described the move as a necessary correction to reduce excess leverage across the crypto market.
Current Price Levels and Trader Reactions
Bitcoin is now trading at $109,650, with a 2% increase in the past 24 hours and a 1% drop over the past week. The 24-hour trading volume stands at $61.9 billion.
Crypto analyst Ali Martinez described the setup as “hanging by a thread.” Another trader, LennaertSnyder, said,
He added that if the price crosses $111,330, he would assess whether to short after a rejection or long after a confirmed move.
Traders continue to watch the current range for signs of a clear direction going into November.
