Bitcoin Hits $40,000 for First Time Since April 2022

Bitcoin has surpassed $40,000 once again, sustaining its recent upward trend amid speculations surrounding the potential approval of a spot ETF in the U.S. Additionally, Ethereum (ETH) has also experienced gains.

Bitcoin's recent recovery maintained its momentum over the weekend, as the price of the primary cryptocurrency surpassed $40,000 on Sunday afternoon, according to data from CoinGecko.

This marks the initial instance of Bitcoin reaching such heights since April 2022, just before the broader cryptocurrency market experienced a downturn. The nearly 20-month peak for Bitcoin signifies a 15% increase in the past 30 days, with the cryptocurrency's value more than doubling compared to this same period last year.

The upward trend in Bitcoin's price seems to mirror persistent optimism and enthusiasm regarding the potential approval of a Bitcoin spot exchange-traded fund (ETF) in the United States. Multiple companies have submitted applications to operate such ETFs, and the U.S. Securities and Exchange Commission (SEC) has recently engaged in meetings with some of these firms.

Over the weekend, Ethereum, like Bitcoin, has also witnessed an increase. Today, it is trading above $2,200, marking its first time surpassing this level since May 2022. Although both cryptocurrencies have experienced a modest 2% rise in the past 24 hours, their values have been steadily increasing recently.

Additionally, numerous popular NFT projects have observed upward movements in their price points this weekend. According to NFT Price Floor, the least expensive listed assets in well-known projects such as Pudgy Penguins, DeGods, and Azuki have recorded double-digit percentage gains in the past 24 hours.