Yahoo Finance Bitcoin price up 6% in week as crypto market climbs back above $1tn
Bitcoin (BTC-USD) rose over 6% in value in the past week after inflow into the crypto-ecosystem increased to see the entire cryptocurrency market cap swell back above $1tn (£878.3bn).
After ending a dismal September holding just over $19,000, bitcoin is now trading at $20,219.
The second biggest cryptocurrency by market capitalisation, ether (ETH-USD), was trading at $1,353, up almost 2% in the week.
Check: Crypto live prices
US markets finished on a high on Tuesday, with the beginning of the week seeing a sharp two-day rally on Wall Street.
On Tuesday, the S&P 500 (^GSPC) gained nearly 3.1%, while the Nasdaq Composite (^IXIC) advanced 3.3%.
Bitcoin has been showing a tendency to march in lockstep with equity markets.
Wednesday's rise could be a consequence of the same factors that have seen traditional markets go green.
After the UN urged US Federal Reserve chair Jerome Powell to ease off on his hawkish rate hikes, investors are hopeful the monetary tightening policy will loosen and allow markets to become buoyant again.
The soaring dollar is hurting other currencies which are depreciating against it, and the US dollar currency index (DXY) has been climbing steadily in the past months (DX-Y.NYB).
However, there was a slight dip in the DXY over Monday and Tuesday, and the lower it goes, the weaker the US dollar gets. Investors could respond by shifting value into equities.
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Bitcoin has been correlating with the Nasdaq, and if equities start to pump, bitcoin usually follows suit.
Dogecoin (DOGE-USD) increased over 7% to $0.065 after Tesla (TSLA) boss Elon Musk indicated he would be willing to follow through on his original proposal to purchase social media platform Twitter (TWTR).
