The price of Bitcoin (BTC) has climbed nearly 10% in the past 24 hours to break back above the $20,000 U.S. level as the American dollar weakens and stocks rally.
The world’s largest cryptocurrency by market capitalization is trading at $20,950.00 after falling to its lowest level since mid-June earlier in the week.
Other digital coins and tokens are also higher, including Ethereum (ETH), which has risen about 4%.
The total value of the cryptocurrency market is now back above $1 trillion U.S after declining below that key threshold in recent days.
The rebound in cryptocurrencies has been caused by a weakening U.S. dollar that declined about 1% in the past day.
At the same time, U.S. stocks have rallied in the past few days after falling to start September, traditionally the worst month for market performance.
Bitcoin has been closely tied to U.S. stocks, often rising in tandem with markets. Bitcoin also tends to rise when the U.S. currency slumps.
Bitcoin has been trading in a range between $18,000 U.S. and $24,000 U.S. since June of this year.
Cryptocurrency markets are awaiting a major network upgrade to Ethereum called “the Merge” that proponents say will make the blockchain more energy efficient. The merge is scheduled to be completed by mid-September.
Year-to-date, Bitcoin’s price is down 56%. The cryptocurrency hit a peak above $68,000 U.S. last November.
