Bitcoin Breaks Above $31,000, Ethereum Nears $2,000 As Crypto Rally Continues

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Bitcoin’s rally continued on Monday as the coin moved back above $31,000 for the second time in the past week. The largest digital asset by market capitalization was trading at $31,052 at the time of writing, according to CoinGecko.

That’s a jump of 1.8% over 24 hours. The asset is also up over 2% in the past seven days, with a 17% gain in the past 14 days.

Bitcoin broke above $31,000 for the first time in more than a year two weeks ago, thanks in part to renewed interest from institutional investors. A high-profile bitcoin exchange-traded fund (ETF) app from BlackRock and the launch of a new crypto exchange called EDX Markets were among the triggers, experts say.

Bitcoin has fallen below this mark for the past few days and was holding firmly above $30,000 per coin, except for a brief dip on Friday. But the price is now comfortably above $31,000.

Investment firm CoinShares said on Monday that institutional investors continued to pour money into digital asset products, with inflows of $125 million over the past week. And most of that money is concentrated in Bitcoin, he added.

Institutional investors are interested in the digital asset market because big Wall Street firms like BlackRock, the world’s largest asset manager, and Fidelity have filed with the US Securities and Exchange Commission (SEC). States for a spot Bitcoin ETF.

A Bitcoin spot ETF, which allows investors to buy stocks that follow the price of an asset, does not yet exist in the United States. However, the wave of applications potentially shows that traditional investors are hungry for such a product.

The largest digital asset by market capitalization isn’t the only cryptocurrency to date: Ethereum, the second-largest, is rapidly approaching $2,000 per coin, according to data from CoinGecko. It is currently trading at $1,961, up 2.3% in the last 24 hours.

If it reaches $2,000, it will be the first time since May that the coin has exceeded this mark. Ethereum remains down nearly 60% from its all-time high of $4,878 in November 2021, according to CoinGecko, while Bitcoin is down 55% from its own all-time high in the same month.

And Pepe, a new meme coin that launched in April, is one of the best performing digital assets today: it’s up 16.7% in the last day and 15.1% the last week, trading against $0.00000182.

The asset has risen in value since its launch with one lucky investor managing to turn $250 into $1.02 million of the cryptocurrency in just four days amid its initial peak. However, Pepe has lost around 58% of his value since his peak in April.

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