Bitcoin’s (BTC) price has risen above $68,000 U.S., its highest level since July of this year as cryptocurrencies rally alongside equities.
Bitcoin has gained nearly 10% over the past week and was trading as high as $68,300 U.S. on Oct.17. Ethereum, which is the second largest crypto after Bitcoin, has seen its price gain 7% over the past week.
Other cryptocurrencies such as Solana (SOL) and Dogecoin (DOGE) have seen their prices rise more than 10% in recent days.
Unlike stocks and other securities, crypto trades around the clock, seven days a week.
Analysts say the latest increases in cryptocurrency prices mirrors the rise in U.S. stocks, with both the S&P 500 index and the Dow Jones Industrial Average currently at record highs.
October has traditionally been the best month of the year for cryptocurrency performance, leading crypto bulls to refer to the month as “Uptober.”
The latest gains in digital asset prices are also lifting stocks of companies associated with crypto, such as Coinbase Global (COIN), which has seen its share price rise 19% in three days.
Spot exchange-traded funds (ETFs) that track the price movements of Bitcoin and Ethereum also continue to be popular with investors.
Since January, investors have allocated $63 billion U.S. to Bitcoin ETFs, according to industry data. BlackRock’s iShares Bitcoin Trust (IBIT) accounts for about 30% of that capital allocation.
Year-to-date, Bitcoin has gained 53%, outpacing the benchmark S&P 500 index that is up 23% on the year.
