On Thursday, the price of bitcoin skyrocketed to more than $65,000, representing an almost two-month high for the world’s largest cryptocurrency.

The price action marks a much-anticipated recovery for bitcoin, which previously dropped to $53,000 in September.

Typically, bitcoin’s price performance in summer months and September tends to be volatile, but investors are expecting to see price growth in October, typically labeled “Uptober” because of the tailwinds driving renewed optimism in bitcoin's price.

Relatedly, the world’s second-largest crypto, ethereum, also saw positive price action on Thursday. It recorded a price of $2,651 at the time of writing, representing a 2% spike.

Solana, the world’s fifth-largest cryptocurrency by market capitalization, soared to almost $160, jumping by over 5% on Thursday.

The upcoming presidential election in the U.S. will likely impact bitcoin and altcoin prices substantially, as both presidential nominees have nominally pledged to support the industry. Former president Donald Trump began accepting political donations in crypto earlier this year and extolled the innovation in the sector at the Bitcoin Conference in Nashville. "You are the modern-day Edisons and Wright brothers and Carnegies and Henry Fords, and what you do in your lifetime stands a chance to outlive us all," Trump told the audience of crypto executives this summer.

“I stand before you today filled with respect and admiration for what the Bitcoin community has achieved,” Trump underlined to a rapt Nashville audience, promising to replace U.S. Securities and Exchange Commission head Gary Gensler – who is unpopular among crypto firms – with a more pro-crypto pick.

Vice President Kamala Harris has also recently garnered the goodwill of some crypto executives by speaking about the industry's potential. At a recent fundraising event that drew $27 million, Harris said her administration would “encourage innovative technologies like AI and digital assets while protecting our consumers and investors.” While many are optimistic about Harris' plans, some are skeptical about if the Vice President's plans for crypto will differ substantially from the current administration's.