Investing.com -- Bitcoin touched a two-year high on Monday, as an influx of cash into exchange-traded funds linked to the world's most recognizable cryptocurrency pushed it above $65,000 and closer to new record levels.
By 04:25 ET (09:25 GMT), the token had risen by 5.7% to $65,015.60. In earlier trading in Asia, Bitcoin had jumped to $64,285, its highest since 2021. So far this year, the digital asset has gained more than 50% in market value.
Crypto-exposed stocks, which have been beneficiaries of the recent rally in Bitcoin, drove higher in premarket trading on Wall Street. Top U.S. crypto exchange Coinbase Global (NASDAQ:COIN), as well as crypto miners Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK), all gained prior to the opening bell in New York.
Bitcoin’s stellar performance in 2024 has been spurred on in part by the recent U.S. approval of ETFs that directly track the price of the cryptocurrency. The approvals have sparked a sharp uptick in institutional capital into the token.
Ethereum, a key peer to Bitcoin, has been boosted by hopes that it too may soon have ETFs following its price. It had risen by 3.9% to $3,520.90 on Monday, hovering around two-year highs notched last week.