Bitcoin hits its highest price in more than a year, rising on news that BlackRock has resubmitted its application for a spot bitcoin ETF.
As of writing, the largest coin by market cap is trading at $31,250, according to Coingecko. That’s up 2.4% over the past day and the highest price for Bitcoin since June last year.
Bitcoin has gained 62% over the past year, weathering multiple crises including the collapse of cryptocurrency exchange FTX and the historic bankruptcies of several regional banks to finally achieve profitability.
Last June was one of Bitcoin’s worst months since 2011, falling from around $30,000 to $19,000. At the time, U.S. inflation hit a 40-year high of 9.1%, and the Federal Reserve raised interest rates by 75 basis points, the largest rate hike in 28 years.
Now, experts say BlackRock’s strategy to build the first U.S. spot Bitcoin ETF is seen as a sign of institutional adoption of cryptocurrency. In addition to boosting Bitcoin’s reputation as an emerging asset, BlackRock’s spot ETF will also give institutions easier exposure to cryptocurrency’s oldest token.
Meanwhile, Ethereum has risen 2.9% over the past day to $1,969 as of writing. While this isn’t Ethereum’s highest price in over a year — the coin briefly climbed above $2,100 in April — Ethereum has surged more than 85% over the past 12 months.
However, Bitcoin and Ethereum are still down 55% and 57% from their all-time highs of $69,000 and nearly $4,900 reached in November 2021, respectively.
The market capitalization of all tokens tracked by GoinGecko has increased from $911 billion a year ago to $1.25 trillion today.
Bitcoin and Ethereum account for more than 65% of the entire cryptocurrency market, and some altcoins are under pressure following the SEC's enforcement action.