Article Summary

**'Uptober' Delivers Historic Crypto Liquidations as Bitcoin Bulls Triumph with $113K Recovery** October 2024 witnessed cryptocurrency's most devastating liquidation event ever, with a staggering $21 billion wiped from the top 100 digital assets. Despite this massive market correction, Bitcoin demonstrated remarkable resilience, recovering from a dramatic dip to $102,000 and surging back to trade around $113,000. This extraordinary bounce-back prompted renowned crypto analyst Scott Melker to describe the recovery as "a small miracle." The cryptocurrency market's ability to maintain positive momentum throughout October, despite facing unprecedented liquidation pressures, signals strong underlying bullish sentiment. Bitcoin's recovery has pushed an impressive 97% of its circulating supply into profitable territory, highlighting the cryptocurrency's robust fundamentals and investor confidence. This historic liquidation event, while initially triggering widespread panic across DeFi protocols and blockchain networks, ultimately showcased Bitcoin's maturity as a digital asset. The swift recovery from $102K to $113K demonstrates institutional support and growing cryptocurrency adoption, reinforcing Bitcoin's position as the leading store of digital value in today's volatile crypto landscape.