'Uptober' Hopes Return as Bitcoin Price Blasts Past $65,000



The price of Bitcoin surged past $65,000 per coin for the first time this month early Monday, with CoinGecko data showing that the leading crypto asset is now just above the $66,000 mark as well.

Bitcoin was last trading this high on September 27. The biggest virtual coin by market cap got off to a slow start at the beginning of “Uptober”—what traders call October because of the historically large gains they typically see during the month—but it is now up more than 6% in 24 hours.

In the past 30 days, Bitcoin has risen by over 10%. Earlier this month, the asset dropped as low as $59,000.

Money has flowed back into new Bitcoin exchange-traded funds (ETFs) following the Federal Reserve’s decision last month to cut sky-high interest rates.

Bitcoin and other cryptocurrencies behave like “risk-on” assets, which typically perform better when interest rates are lower.

Elsewhere, Ethereum’s price has risen nearly 6% in the past day and currently stands at $2,595 per coin. Over the last 30 days, it has jumped by 8%.

And Solana, the fifth-biggest digital asset by market cap, has risen by nearly 6% too and is now priced at $155 per coin.

Tensions in the Middle East and worries over the Federal Reserve’s next moves frightened traders away from Bitcoin for months. The biggest digital currency hit a new all-time high of nearly $74,000 in March, but has struggled to remain near that level for months.

Is it only up from here?

Edited by Andrew Hayward



Source link

About The Author

Scroll to Top