Bitcoin climbs above $28,000, hitting highest level since mid-August

The logo for bitcoin is seen on a screen in Hong Kong, China, on May 24, 2023.

Paul Yeung | Bloomberg | Getty Images

Crypto prices rallied on Monday, pushing bitcoin to its highest level in more than a month.

Bitcoin rose 3.5% to $28,065 and its highest level since Aug. 17, according to data from Coin Metrics. Ether rose less than 1% and briefly traded above $1,700.

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Bitcoin rose above $28,000 on Monday.

The catalyst for bitcoin’s move was not immediately clear. There were several ether futures exchange-traded funds set to launch Monday, a possible positive sign for the crypto industry, which has been waiting to see whether the U.S. Securities and Exchange Commission will approve a true bitcoin ETF in the coming months.

Bitcoin has risen for four-straight weeks and is now up about 70% for the year. However, the digital currency is still more than 50% below its all-time highs.

Even with the recent rally, trading volumes for bitcoin have been light, according to Citi strategist David Glass.

“Though the global crypto market cap has risen ~30% YTD, BTC volumes are struggling to sustain higher levels. Volumes (spot plus futures) have been trending lower since March, and currently sit ~57% below 2022 averages. … Separately, this year’s crypto rally has also seen a rise in Bitcoin dominance — defined as Bitcoin’s share of total crypto market cap — which has stabilized around 50%,” Glass said in a note to clients Friday.

Equities tied to crypto were also moving higher, with Riot Platforms and Marathon Digital each jumping more than 7% in premarket trading.

— CNBC’s Michael Bloom contributed reporting.

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