Bitcoin’s recent rebound continued at a rapid pace over the weekend, with the price of the major cryptocurrency surpassing $40,000 on Sunday afternoon, according to data from CoinGecko.
This is the first time the price of Bitcoin has been this high since April 2022, just before the broader cryptocurrency market crashed. Bitcoin’s 20-month high is up 15% in the past 30 days, and the price of Bitcoin has more than doubled since this time last year.
The price rise appears to reflect continued optimism and expectations regarding the expected approval of a Bitcoin spot exchange-traded fund (ETF) in the United States. A number of companies have filed applications to operate them, and the U.S. Securities and Exchange Commission (SEC) has been meeting with some of them recently.
Bitcoin isn’t the only cryptocurrency set to rise over the weekend. Ethereum is trading above $2,200 today for the first time since May 2022. Both coins are only up about 2% in the last 24 hours, but have been steadily rising recently.
Many popular NFT projects also saw price points rise this weekend. The cheapest listed assets from popular projects like Pudgy Penguins, DeGods, and Azuki have seen double-digit percentage gains over the past 24 hours per NFT price floor.
Editor’s note: This article was updated with additional details after publication.