Bitcoin price surpassed $65,000 on Monday for the first time earlier this month. CoinGecko data shows that the major crypto asset is now well above the $66,000 mark.
Bitcoin last traded this high on September 27th. The largest virtual coin by market value got off to a slow start at the start of “Uptober” — traders call it October because of the historically large gains seen in the month — but is now up more than 6 percent in 24 hours.
Over the past 30 days, Bitcoin has risen more than 10 percent. Earlier this month, the property was listed as low as $59,000.
Funds have returned to new bitcoin exchange-traded funds (ETFs) following the Federal Reserve's decision to cut sky-high interest rates last month.
Bitcoin and other cryptocurrencies are characterized as “at-risk” assets, which typically perform better when interest rates are low.
Elsewhere, the price of Ethereum rose nearly 6% over the past day and currently stands at $2,595 per coin. Over the past 30 days, it has jumped 8%.
And Solana, the fifth-largest digital asset by market capitalization, also gained about 6% and is now trading at $155 a coin.
Tensions in the Middle East and worries over the Federal Reserve's continued moves have scared traders away from Bitcoin for months. The largest digital currency hit a new all-time high of nearly $74,000 in March, but has struggled to hold onto that level for months.
Is it only from here?
Edited by Andrew Hayward.
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