Crypto markets surged throughout yesterday’s trading session with Bitcoin hitting a seven-week high, coinciding with the start of a historically positive October month.
The price of Bitcoin (BTC) is currently at $118,538, up around 4% in the past 24 hours. In early trading on Thursday on Coinbase, the world’s largest digital asset managed to reach $119,450.
This is the highest level since August 14, the last time Bitcoin was at a high before experiencing a price correction from its all-time high.
The surge also lifted the total crypto market cap by 3.5% to $4.16 trillion, thus reviving positive sentiment ahead of the month of ‘Uptober.’
Bitcoin’s market cap now stands at $2.37 trillion, surpassing the capitalization of giant Amazon, according to CompaniesMarketCap.
Historically, October has been Bitcoin’s best month, with gains in 10 of the last 12 years.
US economic data also weighed on sentiment. The Bureau of Labor Statistics reported that job openings rose slightly in August, while hiring fell.
The sluggish labor market has raised expectations that the Federal Reserve (Fed) may cut interest rates again later this month, which is seen as a positive for risky assets like crypto.
