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Bitcoin surged to a two-year peak on Monday, smashing through the $64,000 mark fueled by a surge of capital, propelling it tantalizingly close to its all-time high. Peaking at $64,285 during the early hours of the Asian trading session, its highest since late 2021, the cryptocurrency held firm at $63,850, marking a 2% gain for the session. Bitcoin’s zenith remains at $68,999.99, set in November 2021.
The leading cryptocurrency, commanding the largest market value, has witnessed a remarkable 50% surge this year, with the bulk of the ascent occurring in recent weeks amidst a surge in trading volume for U.S.-listed bitcoin funds.
Earlier this year, the approval of spot bitcoin exchange-traded funds in the United States marked a pivotal moment, paving the way for a wave of new institutional investors. This development has reignited enthusiasm and momentum reminiscent of the 2021 surge to record levels. Markus Thielen, head of research at crypto analytics firm 10x Research in Singapore, noted, “The flows are not drying up as investors feel more confident the higher price appears to go.”
Ether, Bitcoin’s smaller rival, has also capitalized on speculation surrounding the imminent launch of exchange-traded funds, witnessing a 50% year-to-date increase. Despite reaching $3,490 on Monday, just shy of its two-year highs from the previous week, Ether continues to ride the wave of momentum.
This cryptocurrency rally coincides with record-breaking performances in stock indexes such as Japan’s Nikkei, the S&P 500, and the tech-heavy Nasdaq, while volatility indicators in equities and foreign exchange markets have trended lower.
Brent Donnelly, trader and president at Spectra Markets, highlighted the symbiotic relationship between Bitcoin and the tech market, stating, “In a world where Nasdaq is making new all-time highs, crypto is going to perform well as bitcoin remains a high-volatility tech proxy and liquidity thermometer.” He added, “We are back to a 2021-style market where everything goes up and everyone is having fun.”