- Bitcoin’s price surged past $65,000 on Thursday, representing an almost two-month high for the cryptocurrency
- Investors are anticipating further price growth in October, typically referred to as “Uptober,” due to renewed optimism in bitcoin’s price
- The upcoming U.S. presidential election is expected to impact bitcoin and altcoin prices, as both candidates have pledged support for the crypto industry
Bitcoin saw a major price surge on Thursday, rising above $65,000 for the first time in almost two months. The cryptocurrency market is seeing renewed optimism that bitcoin will continue to climb higher in October, a month that’s been dubbed “Uptober.”
Bitcoin Hits 2-Month High
The price of bitcoin skyrocketed to over $65,000 on Thursday. This marks a substantial recovery for the world’s largest cryptocurrency, which had previously dropped to around $53,000 in September.
Bitcoin prices tend to be volatile during the summer months and September. But investors are optimistic that October will bring significant gains. The month is referred to as “Uptober” due to favorable conditions that typically drive renewed enthusiasm.
Ethereum and Solana Also See Gains
Ethereum, the second-largest cryptocurrency, saw positive movement as well on Thursday. It reached a price of $2,651 at the time of writing, representing a 2% increase.
Solana, the fifth-largest crypto by market capitalization, soared to nearly $160. This denotes a jump of more than 5% during Thursday’s trading.
U.S. Election Likely to Impact Crypto Prices
The upcoming U.S. presidential election will likely substantially sway bitcoin and altcoin prices. Both nominees have tentatively expressed support for the crypto industry.
Former president Donald Trump began accepting political contributions in cryptocurrencies earlier this year. At June’s Bitcoin Conference in Nashville, he praised the innovations of the bitcoin community.
Vice President Kamala Harris also recently spoke favorably about the potential of digital assets. She vowed to encourage innovative technologies like cryptocurrencies while protecting consumers and investors. However, some are uncertain whether her policies will truly differ from the current administration’s approach.
Conclusion
After a volatile summer, bitcoin is seeing renewed upward momentum ahead of October. Other major cryptocurrencies like ethereum and solana are also trending upward. The U.S. election could bring additional tailwinds if the next administration follows through on promises to support crypto innovation. But prices will likely continue to fluctuate substantially in the short-term.
