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Bitcoin Price Jumps by 11% to Reach One-Month High Above $6.9k
Bitcoin's price spiked by 11 percent in just two hours on Monday, climbing above $6,900 for the first time in a month.
By Wolfie Zhao
Updated Sep 14, 2021, 1:53 p.m. Published Oct 15, 2018, 6:56 a.m.
Bitcoin, the world's largest cryptocurrency by market capitalization, jumped by 11 percent on Monday, pushing prices above $6,900 for the first time in a month.
CoinDesk's Bitcoin Price Index shows that ,just after 5:00 UTC on Monday, bitcoin saw a sudden spike of $400 over the course of 60 minutes, and reached as high as $6,960 by 6:45 UTC – a level not seen since Sept. 6.
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As of press time, bitcoin's price has dropped back slightly to around $6,800.
Meanwhile, the overall cryptocurrency market has also seen a similar rebound roughly at the same time.
According to data from CoinMarkCap, total crypto market capitalization saw a sudden jump right after 5:00 UTC and climbed above $207 billion before 6:00 UTC, recording a 3 percent growth within 60 minutes.
The top 10 cryptocurrency assets by market capitalization are also showing 2–8 percent gains over the last 24 hours with ethereum, XRP and bitcoin seeing the biggest increases so far.
Also notably, among the top 10 crypto assets, USDT, the U.S. dollar-pegged cryptocurrency launched by startup Tether, is the only asset that is experiencing a decline. The token is down more than two percent at press time, marking a yearly-low at $0.96.
Roller coaster image via Shutterstock
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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