[Bitcoin tops $40,000 for first time since April 2022]
Bitcoin prices continued their strong rally over the weekend, with the leading cryptocurrency surpassing the $40,000 mark on Sunday afternoon, according to data from CoinGecko. This is the first time Bitcoin has reached such highs since April 2022, when the overall cryptocurrency market subsequently experienced a significant decline. Bitcoin's near 20-month high means its price is up 15% in the past 30 days and has already doubled compared to the same time last year.
This price increase appears to reflect continued optimism and excitement over the potential approval of a Bitcoin spot exchange-traded fund (ETF) in the United States. A number of companies have submitted applications to operate such funds, and the U.S. Securities and Exchange Commission (SEC) has recently held talks with some of them.
Bitcoin wasn't the only cryptocurrency to see gains over the weekend. Ethereum is trading above $2,200 today for the first time since May 2022. Both currencies have gained about 2% in the past 24 hours but have been trending gradually higher recently.
