Bitcoin Back Above $40,000 For First Time Since April 2022

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Bitcoin (BTC) has managed to hit its near 20-month peak after reaching US$ 40,851, a massive 140 percent recovery since January 2023.

Crypto markets showed healthy gains since trading resumed on Monday morning as Bitcoin continued to build on its weekend bulls, surging above $40,000 for the first time since April 2022. The leading cryptocurrency first surpassed $40,000 on Sunday afternoon, according to CoinGecko data.

It’s the highest level obtained by BTC since April 2022, just before it crashed. Additionally, the recovery reflects a 15 percent increase since November, with the coin’s price more than tripling from this time last year.

The growing price appears to reflect the market’s sustained enthusiasm for developments over Bitcoin spot exchange-traded fund (ETF) in the United States. Several companies have applied to operate them, and the US Securities and Exchange Commission (SEC) has recently met for deliberations. Many crypto analysts tweeted on X (formerly Twitter) that approval on the matter is a work in progress.

Bitcoin wasn’t the only cryptocurrency that recovered over the weekend. For the first time since May 2022, Ethereum (ETH) is trading above $2,200 today. Both coins are only up roughly 3 percent in the last 24 hours, but they’ve been steadily rising.

Meanwhile, prominent NFT projects have gained a lot of value in the past 24 hours, with the lowest listed asset in projects such as Pudgy Penguins, DeGods, and Azuki enjoying double-digit percentage rises since Saturday night (Pakistan Time), according to NFT Price Floor.

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