Bitcoin, the top cryptocurrency by market cap, rose to an intraday high of $13,812 on the Bitstamp exchange.
After initially edging lower to $13,287, the top cryptocurrency has now reversed course.
The cryptocurrency appears to be dancing to the tune of the upbeat U.S. stock market.
Fading bullish momentum
The Bitcoin rally gained plenty of steam on Oct. 31, touching $14,100 for the first time since January 2018.
While the bulls did not hold onto all of these gains, Bitcoin still logged a historic monthly close on the Binance exchange.
Still, the failed attempt to decisively take out the 2019 high led to a deep pullback on Nov. 2, with BTC plunging to the $13,200 level.
A historic difficulty adjustment
Bitcoin continues to grind higher in spite of a massive hashrate drop in October.
According to data provided by BitInfoCharts, it declined from its all-time high of 157.6 EH/s to 97.6 EH/s in less than a month.
As reported by U.Today, the hashrate started its precipitous plunge following the end of the rainy season in China's Sichuan province. The region is known as a major cryptocurrency mining hotbed.
Subsequently, Bitcoin's difficulty, 16.787 tln on Nov. 3, is the second largest negative adjustment in the network's entire history.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team