Cryptocurrency prices saw an increase during Thursday’s trading, with Bitcoin crossing the significant psychological level of $120,000 for the first time in 7 weeks, amid expectations that the U.S. government shutdown will drive investors toward safe havens.
The price of Bitcoin reached $120,559.08, up 2.58% by 11:44 PM Mecca time, in a streak of positive performance lasting 6 days.
Ethereum, the second largest cryptocurrency by market capitalization, also rose by 3.63% to $4,488.89, while Solana increased by 5.56% to $232.34, and Ripple climbed 3.78% to $3.07.
Kareem Dandashi, a cryptocurrency trader at “Floodisk,” told Bloomberg that macroeconomic changes seem to be affecting Bitcoin’s movement, something that hasn’t happened for a while.
Ryan Watkins, co-founder of the investment fund “Syncracy Capital,” noted that Bitcoin typically performs well in October, while September is historically the weakest month of the year.
On another note, Citigroup raised its year-end price target for Ethereum to $4,500 from $4,300, supported by strong inflows from exchange-traded funds, but lowered its Bitcoin price forecast to $133,000 from $135,000.
