Bitcoin and ether were both rising on Monday, along with stocks tied to the crypto industry.
to its highest level in more than a month.
Bitcoin rose more than 4.5% to $28,329, for its highest level since Aug. 17, according to data from Coin Metrics.The catalyst for bitcoin's move was not immediately clear. There were several ether futures ETFs set to launch on Monday, which could be a positive sign for the crypto industry, which has been waiting to see whether the Securities and Exchange Commission will approve a true bitcoin ETF in the coming months.
and is now up about 70% for the year. However, the digital currency is still more than 50% below its all-time highs.Sign up for NBC Philadelphia newsletters. Even with the recent rally, trading volumes for bitcoin have been light, according to Citi strategist David Glass. "Though the global crypto market cap has risen ~30% YTD, BTC volumes are struggling to sustain higher levels. Volumes have been trending lower since March, and currently sit ~57% below 2022 averages. ... Separately, this year's crypto rally has also seen a rise in Bitcoin dominance – defined as Bitcoin's share of total crypto market cap – which has stabilized around 50%," Glass said in a note to clients Friday.
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