Bitcoin Surges Past $65,000 Amid Record Highs
Bitcoin Hits Two-Year High
Bitcoin soared to a two-year high, surpassing $65,000 on Monday, fueled by a surge in investment in cryptocurrency-linked exchange-traded funds. The push towards new record levels has garnered significant attention in the financial markets.
Bitcoin’s Price Increase
By 04:25 ET (09:25 GMT), Bitcoin had climbed by 5.7% to $65,015.60. The cryptocurrency reached $64,285 in earlier Asian trading, marking its highest level since 2021. With a market value surge of over 50% this year, Bitcoin continues to demonstrate strong growth.
Market Impact on Crypto Stocks
As Bitcoin rallied, stocks tied to the crypto market experienced gains in premarket trading on Wall Street. Leading U.S. crypto exchange Coinbase Global (NASDAQ:) and mining companies like Marathon Digital (NASDAQ:), Riot Platforms (NASDAQ:), and CleanSpark (NASDAQ:) all saw positive momentum before the New York opening bell.
Factors Driving Bitcoin’s Success
Bitcoin’s impressive performance in 2024 can be attributed to the recent approval of ETFs tracking its price in the U.S. This approval has attracted substantial institutional investment into the cryptocurrency, contributing to its upward trajectory.
Ethereum’s Growth Trajectory
Ethereum, a prominent alternative to Bitcoin, has also seen an increase in value amidst expectations of potential ETFs. With a 3.9% rise to $3,520.90 on Monday, Ethereum is hovering near its two-year peak achieved last week, indicating strong market interest.
