Tuesday saw Bitcoin reach a two-year high due to indications that major investors were purchasing the cryptocurrency, while rival ether, which is smaller, crossed $3,200 for the first time since 2022.
Due in part to a Monday announcement by software company MicroStrategy (MSTR.O), a cryptocurrency investor, the price of bitcoin has increased by more than 10% in the last two sessions. The company said that it had recently spent $155 million on roughly 3,000 bitcoins.
The approval of bitcoin-owning exchange-traded funds (ETFs) in the US has also helped the original and largest cryptocurrency by market value. Contrary to apprehensive larger markets, trading volumes in several of the funds jumped on Monday, and companies tied to cryptocurrencies also saw a rise in value.
In the Asian morning, bitcoin reached its highest price since late 2021, reaching $57,036. The peak price of ether since April 2022 was $3,275.
“The demand unleashed by the U.S. spot ETFs seems to be relentless, but there’s only so much supply,” stated Justin d’Anethan, head of partnerships in Asia at digital asset market developer Keyrock.
