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Bitcoin notched its highest price in over a year on Monday, coasting upwards on news that BlackRock resubmitted its application for a spot Bitcoin ETF.
The largest coin by market capitalization traded hands at $31,250 as of this writing, according to CoinGecko. It represents a gain of 2.4% over the past day and Bitcoin’s highest price since June of last year.
Over the past year, Bitcoin has risen 62%, navigating multiple crises like the collapse of cryptocurrency exchange FTX and the historic blowup of several regional banks, eventually ending up in the green.
Last June was one of Bitcoin's worst months since 2011, sliding as low as $19,000 from around $30,000. At that time, inflation in the U.S. peaked at a four-decade high of 9.1%, and the Federal Reserve ratcheted interest rates by 75 basis points, its largest hike in 28 years.
Now, experts say BlackRock’s gambit to establish America’s first spot Bitcoin ETF is viewed as a hallmark of institutional adoption for crypto. Aside from bolstering Bitcoin’s reputation as an emerging asset, a spot ETF from BlackRock would make it easier for institutions to get exposure to crypto’s oldest coin.
Meanwhile, Ethereum is up 2.9% over the past day at $1,969, as of this writing. While it’s not Ethereum’s highest price in over a year—the coin briefly climbed above $2,100 in April—Ethereum has surged over 85% in the last 12 months.
Yet, Bitcoin and Ethereum remain 55% and 57% down from all-time highs of $69,000 and nearly $4,900, respectively, which were both set in November 2021.
The market capitalization of all coins tracked by GoinGecko is up from $911 billion a year ago to $1.25 trillion today.
Bitcoin and Ethereum make up over 65% of the total crypto market, and several altcoins have faced pressure in the wake of enforcement actions from the Securities and Exchange Commission.