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Bitcoin opened the week by setting another all-time high on Monday.
The world’s largest cryptocurrency by market capitalization now has a price record of US$72,611, according to CoinGecko data. It traded for US$72,455 at 2:30 p.m. ET.
Bitcoin has been on a tear recently, posting a 53.4% rise over the past month and over 258% on the year.
The cryptocurrency traded above US$70,000 for the first time last week.
The cryptocurrency industry has seen a significant recovery from the recent bear market, also known as “crypto winter,” a period that saw low cryptocurrency prices and slow investment activities.
However, the industry flipped the switch after the United States Securities and Exchange Commission approved spot Bitcoin exchange-traded funds, introducing a regulated financial product backed by Bitcoin for trading in the world’s largest economy.
Coinbase Global Inc. shares have soared past their initial direct-listing reference price of US$250 for the first time in over two years, trading as high as US$271 on Monday.
The resurgence of the cryptocurrency market, particularly Bitcoin’s rally to new all-time highs, has played a significant role in boosting the U.S.-based exchange’s stock value, despite recent outages at the exchange during times of high trading volumes.
The company’s stock performance is closely tied to the crypto market’s health, with Bitcoin’s price surge being a primary driver.
Additionally, Coinbase benefits from serving as the custodian for the majority of U.S. spot Bitcoin ETFs, which have seen over US$100 billion in trading volume since launching in January.