Bitcoin's recent reset continued at pace over the weekend, with the leading cryptocurrency's price surpassing $40,000 on Sunday afternoon, according to CoinGecko data.
It is the first time since April 2022 that the price of Bitcoin has risen that high before the broader cryptocurrency market crashed. Bitcoin's 20-month peak represents a 15% rise in the past 30 days, with the coin's price doubling over the past year.
The rising price appears to reflect continued optimism and excitement over the pending approval of a Bitcoin spot exchange-traded fund (ETF) in the United States. Several companies have applied to run them, and the US Securities and Exchange Commission (SEC) is contacting some firms recently.
Bitcoin isn't the only cryptocurrency to take off over the weekend. Ethereum is trading above $2,200 for the first time since May 2022. Both coins are up only about 2% in the past 24 hours, but have been gaining slowly of late.
Many popular NFT projects increased price points this weekend, with the cheapest listed asset in popular projects such as Pudgy Penguin, Degods and Azuki seeing double-digit percentage gains in 24 hours.
Editor's note: This story has been updated after publication with additional details.
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