Bitcoin Price – Bitcoin Surges Past $65,000: What’s Driving the Price Rally?
Bitcoin Price Update – Bitcoin’s price surged past $65,000 per coin early Monday, marking a significant milestone as it now stands just above the $66,000 mark, according to data from CoinGecko. This surge represents the highest trading level for Bitcoin since September 27. Initially, Bitcoin had a slow start in what traders refer to as “Uptober,” a month typically associated with significant gains, but it has since rallied over 6% in just 24 hours.
Strong Monthly Performance
In the last 30 days, Bitcoin has experienced an impressive rise of over 10%, bouncing back from a low of $59,000 earlier this month. The recent influx of capital into new Bitcoin exchange-traded funds (ETFs) follows the Federal Reserve’s decision to cut interest rates, further bolstering investor confidence. Generally, Bitcoin and other cryptocurrencies are viewed as “risk-on” assets, performing better in a lower interest rate environment.
Ethereum and Solana Follow Suit
In addition to Bitcoin, other major cryptocurrencies are also experiencing positive momentum. Ethereum has seen a nearly 6% increase in the past day, now trading at $2,595 per coin. Over the last month, Ethereum has jumped by 8%. Similarly, Solana, the fifth-largest digital asset by market capitalization, has risen by nearly 6% as well, with a current price of $155 per coin.
Market Sentiment Influences Bitcoin’s Performance
Despite recent gains, Bitcoin has faced challenges in maintaining its value near its all-time high of nearly $74,000, achieved in March. Ongoing tensions in the Middle East and concerns over the Federal Reserve’s next moves have kept traders cautious for several months. These geopolitical and economic factors have contributed to fluctuating market sentiment, influencing Bitcoin’s price trajectory.
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