The shares of crypto-native companies are in the green after the price of Bitcoin, the flagship cryptocurrency, surpassed the $68,000 level.
The shares of MicroStrategy (MSTR), the largest corporate holder of Bitcoin, are up by an impressive 6.6%. Coinbase (COIN), the leading U.S. cryptocurrency exchange, has added 5.4%.
Marathon Digital (MARA) and Riot Platforms (RIOT), the biggest Bitcoin mining company, are also in the green (3.78% and 5.76%, respectively).
The price of the flagship cryptocurrency reached an intraday high of $68,490 at 14:14 UTC on the Bitstamp exchange.
This is the highest level that Bitcoin has touched since July 29. Back then, it peaked at $70,016, but the bulls failed to retain their momentum.
Godfrey BenjaminFacing a sharp rejection at the $70,000 level, the price of Bitcoin ended up collapsing to as low as $49,577 on the Bitstamp exchange on Aug. 5, suffering nearly a 30% correction.
After recording an 8.74% correction in August, Bitcoin managed to buck the trend by recording an impressive 7.35% in September despite the fact that it tends to be the most bearish month for the leading cryptocurrency.
Bitcoin then started October with underwhelming price action. However, the bulls managed to resume the rally during the month, eventually pushing Bitcoin to its highest level since late July.
Meanwhile, the "Fear and Greed" sentiment indicator has surged to 73 points out of 100. The indicator is now inching closer to "extreme greed" territory.
CME Bitcoin futures open interest has also reached a new all-time high.
Vladislav Sopov
Dan Burgin