‘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