Bitcoin Crosses $38K, Ethereum Climbs in Latest Rally

Bitcoin (BTCUSD), the largest crypto on Friday rose to as high as $38,294, a price level considered as loftiest since May 2022, according to CoinDesk data.

In the past 24 hours, the largest crypto asset by market capitalisation has gained over 3% in the latest rally.  Also, Ether (ETHUSD) also rose on Friday to $2,131, close to a local high reached on Nov. 10.

Bitcoin is up over 127% so far this year but is still down 44.5% from its peak in 2021. The crypto’s recent strength is supported by optimism that a bitcoin exchange-traded fund may be approved soon in the U.S.

The cryptocurrency briefly touched $38,000 earlier Friday morning but retreated to levels around $37,800. BTC has now held above the $38,000 threshold for a few hours and appears to be attempting to push higher. Other cryptocurrencies are also seeing price gains today with Cardano up 3.4% and Dogecoin up 3.5%. The price of Ether is now up 10% over the last week.

On Friday, Crypto exchange Coinbase (COIN)’s shares also rose on Friday, up 5.8% to $115.78 on pace to its highest close since May 4, 2022, according to Dow Jones market data.  The company’s shares are up 226.34% year-to-date, on pace for the best year on record.

Meanwhile, Bitcoin’s transaction fees have reached their highest levels in six months. Per data from IntoTheBlock, they experienced a massive surge over the last three months. This sudden increase in fees is largely attributed to the growing interest in Bitcoin Ordinals, a novel application of the Bitcoin network.  Russia Writes off $23bn Debt for Africa – Putin