Ether jumped more than $1,700, BNB and Cardano gained 3.3%, while polygon added 5.5% and Solana’s SOL tokens led major gains at 14.5%

Bitcoin rose above the $28,000 level early Monday to record its highest prices in more than a month as analysts pointed to ETF hope and seasonality as a few reasons behind the rise.

Traders at Japanese exchange Bitbank were already eyeing the $28,000 level for bitcoin last week, as CoinDesk reported. The $28,500 level acted as a major support level in the previous bull market and could be a vital price level to watch for in the coming weeks as it potentially flips into a level of resistance.

During the last 24 hours, ether jumped more than $1,700, BNB and Cardano gained 3.3%, while polygon added 5.5%. Solana’s SOL tokens led major gains at 14.5%, mainly on renewed hopes for the network among some traders.

Short liquidations on crypto-tracked futures may have contributed to the gain in bitcoin and ether. Data shows around $94 million in bets against rising prices were affected on Sunday, creating a “short squeeze” – which takes place when there is a lack of supply and an excess of demand for the stock because of short sellers having to buy stocks to cover their short.

Around 30,000 bearish bets were liquidated, according to the data, with most liquidations taking place on the crypto exchange OKX.

Liquidation refers to when an exchange forcefully closes a trader’s leveraged position because of a partial or total loss of the trader’s initial margin. This happens when a trader is not able to meet the margin requirements for a leveraged position or fails to have enough funds to keep the trade open.

Elsewhere, some traders pointed to historic seasonality as a driver of Sunday’s gains.

These advances in crypto currencies come with the bullish impression that characterizes the month of October in general, shared Samer Hasn, markets analyst at XS.com.

He said: Bitcoin has not logged monthly losses in October since 2013 except twice, which prompted this month to be called “Uptober” within the crypto currency community.