Bitcoin nears $120,000 after 7 weeks…"Hedge appeal grows"

Bitcoin (BTC) price has approached $120,000 about seven weeks after hitting an all-time high in August.

According to crypto market data site CoinMarketCap, as of 5:59 p.m. on the 2nd, Bitcoin was trading in the $118,700 range, up about 2.2% from the previous day. It rose about 6.2% compared with a week earlier.

Bitcoin's price at one point surged to as high as $119,400. Cointelegraph said, "It is the highest price since the correction began from the all-time high on August 14 about seven weeks ago." Nick Ruck, director at LVRG Research, said, "Traditional economic indicators are weakening, but Bitcoin has surpassed $118,000," and analyzed, "This rise shows that Bitcoin's sensitivity to monetary policy outlook is increasing and its appeal as a hedge against economic uncertainty is growing."

Expectations for 'Uptober' are also growing. 'Uptober' is a portmanteau of 'Up' and 'October', referring to the phenomenon in which the crypto market generally shows strength in October each year. According to on-chain analytics firm CoinGlass, the average October increase in Bitcoin's price over about 10 years from 2013 to last year was 21.89%. Cointelegraph said, "(Based on past data) October is the month in which Bitcoin is strongest."