As the market awoke from a week of lacklustre trade, the price of bitcoin surged over $54,000 on Monday.
As per Coin Metrics, the leading cryptocurrency saw a 5% increase at $54,460.00. Bitcoin recorded its highest level since December 2021 at $54,965.26 during its session high.
This is the time of year when traders usually start lining up for the second part of April, when the bitcoin halving will take place. I believe that today is when people start to move into bullish pre-halving positions.
Bitcoin helped the majority of the cryptocurrency market. At $3,173.87, ether saw a rise of almost 2% in trading. Cardano’s ADA coin increased by almost 4%, while Solana added over 5%. MATIC, Polygon’s token, increased by 8%.
Stocks linked to cryptocurrencies rose sharply. Microstrategy jumped 16%, as did Coinbase. The two largest bitcoin miners, Riot Platforms and Marathon Digital, had 15% and 20% increases, respectively.
Before Monday’s breakthrough started, when it started to rise, Bitcoin had been trading flat. This placed it on course for a 27% monthly gain.
Source (CNBC)
