Bitcoin climbs above $54,000 for 1st time since 2021

Ethereum gains 7.6% in past week with potential approval of spot ETF, its upcoming upgrade

By Ovunc Kutlu

ISTANBUL (AA) - Bitcoin saw its price climb above $54,000 on Monday for the first time since Dec. 3, 2021.

The price of Bitcoin rose to $54,500 at 6.28 p.m. EDT for a daily gain of 5.4%.

Bitcoin has been on a rally since Jan. 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs, or exchange-traded funds. The move allowed investors, especially financial institutions, to trade Bitcoin without owning it.

In addition, the world's biggest cryptocurrency will see its halving in the second half of April as traders adopt a bullish stance.

Ethereum, the world's biggest altcoin by market cap, was up 2.4% to $3,180 at the same time, gaining 7.6% in the past week.

The price surge in Ethereum is a result of the potential approval of a spot Ethereum ETF and its upcoming Dencun upgrade on March 13.

Amid the rally, some altcoins saw their prices rising as much as 12%.

The total value of the cryptocurrency market was up 4.5% to $2.09 trillion, while Bitcoin's share of the crypto market, known as dominance, was at 51.4% and Ethereum's dominance was at 18.3%, according to data from CoinMarketCap, a digital asset price-tracking website.

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