Investors seem to have recovered their appetite for risk amid the recent stock market rally
The world’s largest cryptocurrency by market capitalization, Bitcoin, topped $40,000 for the first time in two weeks, surging nearly 10% and trading at around $41,550 per coin as of 11:00 GMT on Saturday.
On Friday, Bitcoin gained over 11% – its biggest single-day rise since mid-June 2021, and the first major rally after weeks of trading well below $40,000. The token also saw a 27% rise from the year’s low of $32,950.72, which it hit on January 24.
Despite two consecutive days of gains, Bitcoin remains well under its all-time high of around $69,000, which it reached in December last year.
Other tokens followed suit, with Ethereum passing the $3,000 threshold for the first time since January 21.
The crypto gains came alongside a rally in US stocks, with the tech-focused Nasdaq index ending the week up despite the volatile performance of certain stocks – Amazon experienced record growth, while Facebook-owner Meta Platforms suffered a historic plunge.
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The crypto market also reacted positively to the news of North American crypto mining firm Marathon Digital Holdings boosting its Bitcoin holdings to about 8,595 BTC ($338 million). The move was dubbed a “mammoth increase” by crypto analysts.
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