- Bitcoin has surged to a new yearly high.
- The development comes after the crypto asset gained over 50% in the last month.
- Market observers attributed the surge to various factors.
Bitcoin scaled to within striking distance of its all-time high on Monday after hitting its highest price point of the year, fueled by purchases from big investors.
The largest crypto asset by market cap has been flashing bullish signals since the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. on January 11 and is up over 50% since the beginning of the year.
Bitcoin Crosses the $65,000 Mark
According to CoinMarketCap data, Bitcoin’s price cleared the $65,000 threshold on March 4 after gaining 5.71% in the last 24 hours and 27.24% within the last week, pushing the crypto asset to a price level last seen in late 2021.
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The crypto asset rose from $63,354 to $65,232 in less than three hours before paring some gains to trade at $64,920 as of press time.
Bitcoin’s latest price rally follows strong market inflows via exchange-traded funds, which have pushed the crypto asset’s total market cap to over $2.42 trillion. At last check, BTC’s market cap was up 5.32% with a 24-hour trading volume of $40,233,362,832.
The price surge coincides with records tumbling on global stock indices from tech-heavy Nasdaq to the S&P 500 and Japan’s Nikkei, with volatility gauges on foreign exchange and equities decreasing.
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Per Spectra Market President Brent Donnelly, this could have contributed to price jumps and indicates that Bitcoin and other cryptocurrencies are likely setting out for a bull run.
“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. We are back to a 2021-style market where everything goes up and everyone is having fun,” Donnelly told Reuters on Monday.
Meanwhile, Ethereum is up 3.53% in the last 24 hours, trading at $3.526 as of press time.
Read why China issued a crypto ban warning as Bitcoin rallies:
China Issues Crypto Ban Warning as Interest in Bitcoin Surges
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