Bitcoin’s rally continued on Monday as the coin jumped back above $31,000 for the second time over the past week. The largest digital asset by market cap is trading at $31,052 at the time of writing, according to CoinGecko.
This is a jump of 1.8% over the 24-hour period. The asset is also up more than 2% in the past seven days, with a gain of 17% over the past 14 days.
Bitcoin first topped $31,000 — for the first time in over a year — two weeks ago, thanks in part to renewed institutional investor interest. According to experts, the implementation of BlackRock’s Bitcoin spot exchange fund (ETF) and the launch of a new crypto exchange called EDX Markets were among the triggers.
Bitcoin has fallen below that level in recent days and has held steady above $30,000 per coin aside from a brief drop on Friday. But the price is now comfortably above $31,000 again.
CoinShares investment firm He said On Monday, institutional investors continue to pour money into digital asset products, with $125 million in inflows over the past week. She added that most of this money is focused on bitcoin.
Institutional investors are interested in the digital asset market because major Wall Street firms such as BlackRock – the world’s largest asset manager – and Fidelity have applied to the US Securities and Exchange Commission (SEC) for a Bitcoin ETF.
The Bitcoin spot ETF, which allows investors to buy stocks that track the price of an asset, does not yet exist in the United States. However, the application series is likely to show that traditional investors are hungry for such a product.
The largest digital asset by market cap is not the only cryptocurrency to date: Ethereum, the second largest asset, is rapidly approaching $2,000 per coin, CoinGecko data Offers. It is now trading for $1,961, up 2.3% over the past 24 hours.
If it reaches $2,000, it will be the first time since May that the coin has topped that mark. Ethereum’s price is still down nearly 60% from its price peak of $4,878 from November 2021, according to CoinGecko, while bitcoin’s price is down 55% from its all-time high in the same month.
And Pepe, a new meme coin launched in April, is one of the best performing digital assets today: it’s up 16.7% in the past day and 15.1% in the past week, hands trading for $0.00000182.
The asset has soared in value since its launch — a lucky investor managed to turn $250 into $1.02 million worth of cryptocurrency in just four days amid the initial rally. However, Pepe has lost about 58% of its value since its peak in April.
