Early Saturday, bitcoin’s price approached its all-time high of $61,712, while ether (ETH, -0.07% ) hit a new all-time high of $2,190.
After weeks of fluctuating between $52,000 and the upper $50,000s, the leading cryptocurrency traded above $60,000 for the first time in nearly a month, according to CoinDesk’s Bitcoin price page. Bitcoin has retreated somewhat after peaking around $60,900, but it is still trading above the psychological level as of press time.
According to CoinGecko, Bitcoin last reached an all-time peak in mid-March.
Meanwhile, ether, the second-largest cryptocurrency by market capitalization, was on the verge of breaking through $2,200, just days after breaking through $2,100 for the first time.
Although it’s unclear if the price action is related, it comes just days before Coinbase, the world’s largest crypto exchange, starts trading on Nasdaq, in one of the crypto industry’s most awaited events. The listing, which is a sign of the market’s maturation, will likely provide Wall Street traders with their most open bet yet on the space’s rise.
Some institutional investors haven’t squandered much of their time. In response to a CoinDesk report, Daniel Loeb, the CEO of the $17 billion hedge fund Third Point, admitted to being a hodler on Friday. He’s not alone: institutional investors have saturated the markets, blaming themselves for at least part of the 2020-2021 rally.
The prospect of an exchange-traded fund (ETF) with exposure to the digital asset space being approved in 2021 bolstered bitcoin bulls on Friday, after the Securities and Exchange Commission (SEC) announced it was evaluating ETF giant WisdomTree’s application.
Last month, the SEC began reviewing VanEck’s ETF proposal, and six more companies have submitted preliminary registration forms announcing their plans to introduce a controlled bitcoin (BTC, -0.74 percent ) investment vehicle.
Over the last few months, the wider digital asset space has seen considerable froth, with investors and market players heavily trading decentralized finance tools, non-fungible tokens, and altcoins like doge, which reached a high of $0.08 in February, eight times its value a month earlier.