Hassan Maishera
TL;DR
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Bitcoin is trading above the $42k level once again after adding roughly 3% to its value over the weekend.
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The positive performance comes as BlackRock’s Bitcoin ETF hits a new milestone.
Bitcoin Surges Above $42k as Market Slowly Recovers
Bitcoin, the world’s leading cryptocurrency by market cap, performed well over the weekend, adding roughly 3% to its value. The positive performance comes following weeks of a bearish trend that saw it lose 20% of its value.
Thanks to the weekend’s performance, Bitcoin is now trading above the $42k level once again. At press time, Bitcoin’s price stands at $42,197 per coin.
The positive performance can be attributed to the latest milestone hit by BlackRock’s Bitcoin exchange-traded fund (ETF). According to data obtained from BlackRock’s official website, the firm now holds 49,952 bitcoins (worth more than $2 billion) for its spot Bitcoin ETF.
This latest development makes BlackRock's new ETF the first among completely new spot bitcoin exchange-traded funds to hit that milestone.
Although Grayscale’s spot Bitcoin ETF holds over $20 billion in assets under management, its ETF is a conversion of its flagship fund GBTC.
With Bitcoin in the green zone, some major altcoins also recorded positive gains over the weekend. Solana’s SOL is the best performer amongst the top 10 cryptocurrencies by market cap, adding more than 3% to its value in the last 24 hours. SOL is now trading at $97.47 per coin.
Meanwhile, Ether is still trading below $2,300 and has lost less than 1% of its value over the last 24 hours. The total cryptocurrency market cap now stands at $1.62 trillion and is also down by less than 1%.
