- Prices for the injectable drug rose 10% to more than $27.26, while Phantom shot up 12% to $0.96.
- Altcoins benefited as the price of Bitcoin surpassed $68,000, hitting its highest level since April 12.
Bitcoin (BTC) price rose more than 2% in afternoon trading on Monday as the bulls topped $68,000.
This is the first time the flagship cryptocurrency asset has reached this level since April 12, when BTC fell from a high of $69,100.
Injective and Phantom prices soar
A number of altcoins reflected the gains as the benchmark cryptocurrency stared at $69,000. Ethereum surpassed $3,150, BNB hit $580, and Solana price surpassed $181, up almost 6% in 24 hours.
However, the biggest risers on the day were Injective (INJ) and Fantom (FTM).
Injective’s price is up 10% to $27.26 at the time of writing, according to data from CoinGecko. Meanwhile, Fantom continued its recent upward momentum with a 12% surge in its FTM price hitting a high of $0.96.
Injective’s 24-hour volume increased more than 113% to $121 million, while Fantom’s volume increased 11% to $385 million.
Bitcoin price hits its highest level in a month.
BTC jumped to $68,679 on Coinbase, bringing the major cryptocurrency to its highest price level in over a month.
The sharp surge in the price of Bitcoin comes after the benchmark cryptocurrency surged following the release of US Consumer Price Index (CPI) data last week.
On May 15, BTC prices rose more than 8% from a low of $61,539 to a high of $66,480 as the stock rose amid weaker-than-expected April CPI data.
Today’s rise comes as the spot Bitcoin ETF has resumed rapid inflows after posting unimpressive numbers over the past few weeks.
Analysts at QCP noted last week that slowing inflation, institutional adoption of Bitcoin, and the upcoming US election could provide new momentum pushing BTC above $74,000.
As Bitcoin rises above the $66,000 support level, a break through the $70,000 area is likely to pave the way for bulls to target a new all-time high.
Before then, cryptocurrency analyst Rekt Capital expects it to rise to the $71,500 level.