Bitcoin higher Monday morning after October rally in cryptocurrency market
Price steady around $62,130, while rivals Ethereum and Dogecoin were trading around $4,335 and 27.4 cents, respectively
Bitcoin was trading 2.4% higher Monday morning.
The price was around $62,130 per coin, while rivals Ethereum and Dogecoin were trading around $4,335 (+1.71%) 27.4 cents (3.95%) per coin, respectively, according to CoinDesk.
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The October rally by bitcoin appears to have stabilized the cryptocurrency ahead of central bank meetings in the U.S., U.K. and Australia to assess the effectiveness of inflation and determine policy response, CoinDesk reported.
Bitcoin was trading 2.4% higher on Monday morning at around $62,130. (iStock) (iStock)
Bitcoin rallied nearly 40% in October, hitting a fresh record high of $66,975. That was the biggest single-month percentage rally since December 2020, the report said.
While key indicators favor a positive follow-through in the coming months, CoinDesk reported, it may not be a smooth ride if the impending scaling back of stimulus, also known as the taper, by the U.S. Federal Reserve and other major central banks rocks equity markets.
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On Friday, Ether, the world's second largest cryptocurrency, hit an all-time high. The token, which underpins the ethereum blockchain network, rose as much as 2.6% to $4,400 during Asian trading.
Its previous high was set in May at $4,380, according to Reuters.