Bitcoin Higher after October’s Cryptocurrency Market Rally

Bitcoin price is around $62,130 per coin, while rivals Ethereum and Dogecoin are trading around $4,335 (+1.71%) 27.4 cents (3.95%) per coin, respectively.

The October rally by bitcoin has stabilized the popular cryptocurrency ahead of central bank meetings in the U.S., U.K. and Australia to assess the status of inflation and determine policy response.

Bitcoin rallied nearly 40% in October, hitting a fresh record high of $66,975. That was the biggest single-month percentage rally since December 2020.

While key indicators favor a positive follow-through in the coming months, CoinDesk’s report suggests it may not be a smooth ride if the impending scaling back of stimulus, also known as the taper, by the U.S. Fed and other major central banks rocks equity markets.