Overall crypto market capitalization is at its highest level since May 2022 with nearly $400 billion added since the start of October.
During European morning hours on Friday, Bitcoin surged to $38,800 for the first time since May 2022, extending its robust multi-month upward trend supported by expectations of institutional demand.
The asset increased by almost 3% in the last day, tracking a rise in stock markets around the world. Premarket trading saw a 0.17% increase in the futures of the S&P 500 and Dow Jones, while the European index Stoxx 600 gained 0.52% since Friday’s opening.
The price jumps come as euphoria around a planned spot exchange-traded fund (ETF) in the U.S. heats up and on-chain behavior suggests a significant amount of the asset has been moved to cold storage – indicating demand and a lack of imminent sell pressure.
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