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5 Feb, 2022 14:04

Bitcoin begins to climb again

Investors seem to have recovered their appetite for risk amid the recent stock market rally
Bitcoin begins to climb again

The world’s largest cryptocurrency by market capitalization, Bitcoin, topped $40,000 for the first time in two weeks, surging nearly 10% and trading at around $41,550 per coin as of 11:00 GMT on Saturday.

On Friday, Bitcoin gained over 11% – its biggest single-day rise since mid-June 2021, and the first major rally after weeks of trading well below $40,000. The token also saw a 27% rise from the year’s low of $32,950.72, which it hit on January 24.

Despite two consecutive days of gains, Bitcoin remains well under its all-time high of around $69,000, which it reached in December last year.

Other tokens followed suit, with Ethereum passing the $3,000 threshold for the first time since January 21.

The crypto gains came alongside a rally in US stocks, with the tech-focused Nasdaq index ending the week up despite the volatile performance of certain stocks – Amazon experienced record growth, while Facebook-owner Meta Platforms suffered a historic plunge.

The crypto market also reacted positively to the news of North American crypto mining firm Marathon Digital Holdings boosting its Bitcoin holdings to about 8,595 BTC ($338 million). The move was dubbed a “mammoth increase” by crypto analysts.

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