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The price of the highest-profile cryptocurrency, bitcoin (BTC-USD), bounced off two-month lows in Wednesday afternoon trading, but remained well below the multi-year highs made after the U.S.’s approval of spot bitcoin exchange-traded funds.
The digital token advanced 1.9% to $40.1K, rebounding from $38.5K — the lowest level since the beginning of December — in the prior session. Bitcoin (BTC-USD) reached roughly $49K a day after the Securities and Exchange Commission greenlit 11 ETFs investing directly in the token.
The intraday strength in bitcoin (BTC-USD), coinciding with the stock market’s gains, helped to pull up other cryptos. Over the past 24 hours, ether (ETH-USD) rose 1.3% to $2.34K, solana (SOL-USD) perked up 5.9% and cardano (ADA-USD) +1.4%.
In all, the global crypto market cap increased 2.2% to $1.56T, according to data from CoinMarketCap.
Crypto-focused stocks were mostly in the green. MicroStrategy (MSTR) +1.6%, Coinbase Global (COIN) +0.2%, Marathon Digital (MARA) +1.1%, HIVE Digital (HIVE) +1.3%, CleanSpark (CLSK) +3.6%, and Bitfarms (BITF) +4.2%.
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