Bitcoin Tops $37,000, Carrying Crypto Industry With It

Bitcoin climbed to a fresh 2023 high on Thursday as excitement around a likely Bitcoin ETF approval grew toward a fever pitch.

The price of the world’s top cryptocurrency climbed more than 3.5%, to touch $37,000 for the first time since May 2022. Ether, the second-largest cryptocurrency, was stable, holding onto recent gains and trading just below its key $2,000 level.

The increase in the Bitcoin price set off a wave of short liquidation overnight, which pushed crypto prices higher.

This year, crypto markets have been keenly searching for a winning story amid a sea of bad news, and the forthcoming ETF has been a much-needed blessing for the industry.

Other crypto assets and crypto equities surfed the Bitcoin price wave Thursday. Solana, one of the largest outperformers in crypto this year, gained 11%. The tokens tied to Cardano and Polygon rose 4% and 3%, respectively.

Shares of crypto services provider Coinbase rose 3.7%, while Bitcoin proxy Microstrategy gained 4.7%. Block and Robinhood, which both offer crypto trading services, were higher by more than 1% each.

When Bitcoin surges, Ether and other coins often follow not long after. With Bitcoin up over 120% year-to-date, there is evidence of other coins turning bullish, and trading volumes again picking up. Analysts are cautiously optimistic; however, many say it is too early to tell if the rally has legs; but the latest developments are broadly positive.