Bitcoin has extended its year-long rally overnight, pushing past $42,000 (£33,119) for the first time since April 2022.
The price of bitcoin was at $41,409.53 early Monday, but touched a session high of $42,140.09 ahead of that, according to CoinDesk data.
The cryptocurrency is up more than 13% over the past month and up more than 130% year to date, amid anticipation that regulators will soon approve a bitcoin exchange-traded fund (ETF).
The Securities and Exchange Commission is expected to make its decision by January 10. The agency has rejected spot bitcoin ETF applications in the past, but experts predict a different outcome this time, as the regulatory mood appears to be shifting.
Still, the price of bitcoin is down more than 40% from its all-time high in 2021.
Last week, Anthony Rousseau, the head of brokerage solutions at TradeStation, told MarketWatch that bitcoin is setting up to hit a new high in 2024, thanks to the expected ETF approval and a halving event likely coming in April. Bitcoin hit new highs after three previous halvings.
In November, AllianceBernstein analysts said bitcoin could soar to as high as $150,000 in 2025, as it rides a new bull cycle.
Other cryptocurrencies rode bitcoin’s coattails higher, including ethereum (ETHUSD), Bitcoin Cash (BCHUSD) and Litecoin (LTCUSD).
By Mike Murphy
Barbara Kollmeyer contributed to this report
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal