Bitcoin, the largest of the cryptocurrencies, has reached its highest level in two years, climbing above $57,000.
The cryptocurrency has recently been supported by the approval of spot bitcoin exchange-traded funds (ETFs) in the United States, while trading volumes in many of these funds have risen and crypto-linked firms have rallied, contrary to the broader markets.
Bitcoin rose 4.3% to $57,036, reaching its highest level since the end of 2021. It has gained 32% so far in February, moving toward its largest monthly gain since January 2023.
Ether, another major cryptocurrency, also surpassed $3,200 for the first time since 2022. With an increase of up to 2.7%, it reached $3,273, its highest level since April 2022. The cryptocurrency, which has performed better than Bitcoin this month, has posted a gain of 41%.
Expectations are growing among market participants regarding the potential regulatory approval of spot Ethereum ETFs, which is noted to be contributing to the recent rise in prices.
News Source: 12punto
