Bitcoin topped $57,000 for the first time in more than two years on Tuesday, propelled by purchases from large investors and booming demand through exchange-traded funds as the market bounces back from dire straits in 2022 brought about by the collapse of major players like Sam Bankman-Fried’s FTX, Celsius and Three Arrows.briefly passed the $57,000 mark for the first time since late 2021 during the early morning in Asia and late evening in the U.S.
On Monday, bitcoin cleared the $53,000 threshold for the first time since November 2021, and prices grew to $54,000 before climbing rapidly to $57,000 in a matter of minutes on Tuesday. The digital asset pared some of its gains and was trading at around $56,300 at 5 a.m. Eastern, still a jump of nearly 10% over the last 24 hours.
The price marks an uptick of nearly 7% over the last 24 hours and it is ether’s highest price since April 2022.The uptick in bitcoin and ether, the world’s two biggest cryptocurrencies by market capitalization, continues a broader rally in recent months across the digital asset economy. Bitcoin has grown around a third and ether by more than 40% since the start of the year.