The price of bitcoin briefly hit $25,000 on Sunday for the first time since June.
After testing that level several times in recent days before retreating, bitcoin BTCUSD, +2.07% surged past $25,000 Sunday night, and peaked at $25,119, its highest point since June 12, according to CoinDesk data. It quickly retreated, though, and was last around $24,850 at midnight Eastern.
Bitcoin, the world’s largest cryptocurrency by market cap, has sunk by nearly 50% year to date, but has rallied 15% over the past month. Investors have apparently been encouraged by better-than-expected U.S. inflation data and an improving stock market; Wall Street just finished its fourth straight week of gains, a streak not seen since November 2021.
The wider crypto market has also been bolstered by optimism over the upcoming ethereum upgrade known as “the Merge.”
Ether ETHUSD, +1.49% at about $2,000 Sunday night, according to Kraken data, and has rallied 48% over the past month. Still, ether is down about 46% year to date.
Hear from Mike Novogratz at the Best New Ideas in Money Festival on Sept. 21 and Sept. 22 in New York. The Galaxy Digital CEO has ideas about navigating the crypto winter.