- Bitcoin and other cryptocurrencies rose on Monday, with the largest digital asset reaching its highest level in 20 months.
- The main factor behind Bitcoin’s gains is the hope that regulators will approve the first spot Bitcoin exchange-traded fund (ETF) in the near future.
- The second-largest crypto, Ethereum, rose by 4.5% to $2,260. Smaller tokens or altcoins also saw gains, with Cardano rising by 4% and Polygon by 2%.
Bitcoin’s price rose over 5% on Monday, reaching over $41,700: The crypto rally accelerated with ETF expectations!
Bitcoin Price Reaches the Highest Level in 20 Months
Bitcoin and other cryptocurrencies rose on Monday, with the largest digital asset reaching its highest level in 20 months. Bitcoin’s price increased by over 6% in the last 24 hours, reaching $41,700, surpassing significant levels such as $39,000, $40,000, and $41,000 with weekend surges, reaching its highest level since April 2022.
Bitcoin has gained over 50% since mid-October, breaking out of a long period of stagnation. The prices haven’t been this high since a wild bear market was triggered just before the collapse of the Terra stablecoin network.
Bitcoin has even outperformed the highly popular Dow Jones Industrial Average and S&P 500, which have been on an uptrend driven by crypto sources and macroeconomic catalysts since late October.
The main factor behind Bitcoin’s gains is the hope that regulators will approve the first spot Bitcoin exchange-traded fund (ETF) in the near future. Experts predict that this situation will initiate a new wave of investor interest in digital assets.
Expectations of Interest Rate Changes from the Fed
Increasing expectations that the Federal Reserve will cut interest rates several times next year, a macro background that has also boosted stocks, have further improved the situation. Low-interest rates tend to support risky bets like Bitcoin and technology stocks.
The second-largest crypto, Ethereum, rose by 4.5% to $2,260. Smaller tokens or altcoins also saw gains, with Cardano rising by 4% and Polygon by 2. Meme coins were even livelier: Dogecoin rose by 5%, while Shiba Inu increased by 11%.
