The current price of bitcoin has been erratic as usual this year, but analysts say a number of reasons have contributed to its recent recovery and think the impending “halving” event may provide even more support.
The biggest cryptocurrency in the world, which reached one-month highs last Friday, continued to gain traction on Monday, increasing by about 5%.
Comparators with comparable percentage moves included Ether.
Analysts attributed the recent advances in cryptocurrencies to a number of factors, stating that increased expectations of interest rate reduction by central banks were helping to boost market mood overall.
Earlier in the day, the S&P 500 and Dow Jones Industrial Average recorded intraday highs, supported by the expectation of lower borrowing costs in the future.
The tech-heavy Nasdaq came close to surpassing its all-time high.
The establishment of 11 exchange-traded funds (ETFs) last month received support from US regulators, which helped Bitcoin rebound from a flurry of scandals that included the FTX exchange’s fraudulent bankruptcy.
