Bitcoin reached its highest price in over a year on Monday, rising on the news from BlackRock resubmitted his application for a spot bitcoin ETF.
According to them, the largest coin by market cap was trading at $31,250 at the time of this writing CoinGecko. This represents a 2.4% increase over the past day and the highest bitcoin price since June of last year.
Over the past year, Bitcoin has surged 62%, weathered multiple crises including the collapse of cryptocurrency exchange FTX and the historic bust of several regional banks, and finally ended up in the green.
Last June was one of Bitcoin’s worst months since 2011, falling from around $30,000 to as low as $19,000. At that time there was inflation in the USA reached its peak at a four-decade high of 9.1% and the Federal Reserve rapid interest rates by 75 basis points, the largest increase in 28 years.
Now, experts say that BlackRock’s move to establish America’s first spot bitcoin ETF is seen as a hallmark of institutional adoption of crypto. A BlackRock spot ETF not only bolsters bitcoin’s reputation as an emerging asset, but also facilitates institutional exposure to the oldest cryptocoin.
Meanwhile, at the time of writing, Ethereum is up 2.9% to $1,969 over the past day. While it’s not Ethereum’s highest price in over a year – the coin briefly spiked above $2,100 in April – Ethereum is up over 85% over the past 12 months.
Still, Bitcoin and Ethereum remain 55% and 57% off their all-time highs of $69,000 and nearly $4,900, respectively, both set in November 2021.
The market capitalization of all coins The value tracked by GoinGecko has increased from $911 billion a year ago to $1.25 trillion today.
Bitcoin and Ethereum make up over 65% of the total crypto market, and several altcoins have a share was under pressure pursuant to enforcement actions by the Securities and Exchange Commission.
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