Bitcoin blasted above $22,000 on Monday, reaching its highest level in more than a month as the crypto market slowly recovers from the dramatic crash.
The largest digital coin globally was trading at around $22,228.70, according to CoinDesk data, a 4% increase. Bitcoin traded as high as $22,493.61 in the past 24 hours, the highest since June 16.
Other cryptos also rebounded, with ether — the second largest cryptocurrency — surging more than 10% compared to the price 24 hours ago, while Polygon’s MATIC soared 21%.
The bullish momentum was correlated with a rally in stock markets in Europe and Asia. U.S. stock futures were also higher. Cryptocurrencies, specifically bitcoin, have become positively correlated with equity market trade. Often, a rise in stocks will also raise sentiment in the crypto market.
However, investors are also hopeful that the so-called crypto winter — which shed 70% of Bitcoin’s value from its November all-time high — is coming to an end.
The dramatic crash has weighed on a plethora of well-established firms in the space, most notably hedge fund Three Arrows Capital and crypto lender Celsius, both of which have filed for bankruptcy.