The price of bitcoin hit $60,000 on Wednesday for the first time in more than two years.
Bitcoin was trading at $60,226 in the morning, up 6.2 percent on the day, which was last seen in November 2021.
The value of the world’s most famous cryptocurrency increased above $54,000 on Monday, for the first time since December 3, 2021, and the value growth in seven days is 17.9 percent.
The value of bitcoin has been growing since January 11, when the US Securities and Exchange Commission approved bitcoin ETFs, or exchange-traded funds. The move allowed investors, especially financial institutions, to trade bitcoins without owning them.
The value of ethereum, the world’s largest altcoin by market capitalization, increased by 2.4 percent to $3,345, while the weekly value growth is 15.2 percent.
The rise in the price of Ethereum is a result of the potential approval of the Ethereum ETF and its upcoming Dencun upgrade on March 13.
With bitcoin and ethereum increasing in value, some altcoins have seen daily price gains of more than 20 percent.
The value of the cryptocurrency market increased by 4.6 percent to $2.24 trillion, with bitcoin’s share of the cryptocurrency market at 52.9 percent and ethereum’s 18 percent, according to data from CoinMarketCap, a price-tracking website, AA writes.
