Bitcoin has just breached $35,000 per data from CoinGecko—a price not seen since May 2022.
On the day, the move represents just a 4% rise; stepping back, however, the milestone arrives amid a very bullish week for the market’s largest cryptocurrency.
Over the last seven days, Bitcoin has surged by more than 24%.
It’s dragged the rest of the market with it too, with Ethereum, XRP, Solana, Cardano, and Dogecoin all posting hefty double-digit gains over the same period.
Of the top ten cryptocurrencies by market cap, Solana has enjoyed the biggest gains though, rising 41% since last Wednesday.
Renewed hopes of an imminent Bitcoin ETF approval are likely the reason for the recent rally. Instead of larger institutions needing to deal with any of the technical know-how of cryptocurrencies, an ETF would allow them to plow into the asset class akin to buying a stock.
So far, though, the race has been a heated affair, with heavyweights BlackRock, Fidelity, Ark Invest, and Invesco all vying for the SEC’s approval.
This story is breaking and will be updated shortly.
Edited by Stacy Elliott.
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Source: https://decrypt.co/203274/bitcoin-hits-35000-reaching-16-month-high-amid-spot-etf-hype
