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The logo for Bitcoin on a screen in Hong Kong, China, on Wednesday, May 24, 2023.
Paul Yeung | Bloomberg | Getty Images
Crypto prices rallied on Monday, pushing bitcoin to its highest level in more than a month.
Bitcoin rose more than 4.5% to $28,329, for its highest level since Aug. 17, according to data from Coin Metrics. Ether rose more than 3% to cross above $1,700.
Bitcoin rose above $28,000 on Monday.
The catalyst for bitcoin’s move was not immediately clear. There were several ether futures ETFs set to launch on Monday, which could be a positive sign for the crypto industry, which has been waiting to see whether the Securities and Exchange Commission will approve a true bitcoin ETF in the coming months.
Bitcoin has risen for four-straight weeks and is now up about 70% for the year. However, the digital currency is still more than 50% below its all-time highs.
Even with the recent rally, trading volumes for bitcoin have been light, according to Citi strategist David Glass.
“Though the global crypto market cap has risen ~30% YTD, BTC volumes are struggling to sustain higher levels. Volumes (spot plus futures) have been trending lower since March, and currently sit ~57% below 2022 averages. … Separately, this year’s crypto rally has also seen a rise in Bitcoin dominance – defined as Bitcoin’s share of total crypto market cap – which has stabilized around 50%,” Glass said in a note to clients Friday.
Equities tied to crypto were also moving higher, with Riot Platforms and Marathon Digital each jumping more than 7% in premarket trading.
— CNBC’s Michael Bloom contributed reporting.
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