Bitcoin jumped above $10,000 U.S. for the first time since early June after relatively muted recent price action.
The digital currency was trading at $10,196.27 U.S. overnight Monday 2.55% higher than 24 hours previously, according to data from Coindesk.
Bitcoin last crossed $10,000 on June 3 and has since seen a steady decline. But over the last seven days, Bitcoin has risen nearly 11%.
While bitcoin was higher last week, major Wall Street indices including the S&P 500 were lower. Gold, however, continued to rise and hit a record high on Monday. Gold is seen as a so-called safe-haven asset that investors buy in times of uncertainty.
Bitcoin has sometimes been called “digital gold” with advocates saying it could be a good safe-haven investment. However, bitcoin has tended to trade closer to equity markets in recent times and is known for its huge volatility.
Both equity markets and gold have been supported by recent economic stimulus packages from governments and central banks around the world in a bid to help fight the economic fallout from the coronavirus pandemic. For example, the European Union reached a nearly two-trillion-euro recovery plan last week.