Bitcoin was trading 2.4% higher on Monday morning.
The price was $ 62,130 per coin, while competitors Ethereum and Dogecoin were each trading around $ 4,335 (+1.71%) 27.4 cents (3.95%) per coin, according to CoinDesk.
BITCOINS ETF OPENS THE FLOODGATES TO MORE
The October bitcoin rally appears to have stabilized the cryptocurrency ahead of the US, UK and Australia central bank meetings to assess the effectiveness of inflation and determine policy response, CoinDesk reported.
Bitcoin rebounded nearly 40% in October, hitting a new record high of $ 66,975. That was the largest percentage rally in a month since December 2020, the report said.
While key indicators are favoring a positive continuation in the coming months, CoinDesk reports, it might not be a smooth process if the US Federal Reserve’s and other major central banks’ impending retraction of incentives, also known as tapers, shakes equity markets.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Ether, the world’s second largest cryptocurrency, hit an all-time high on Friday. The token that underpins the Ethereum blockchain network rose up to 2.6% to $ 4,400 during Asian trading.
Its previous high was set at $ 4,380 in May, according to Reuters.
