ISTANBUL

The price of bitcoin went past $57,000 on Tuesday as the rally in cryptocurrencies remain strong.

Bitcoin surpassed that level at 7.30 a.m. EDT and it was trading at $56,730 at 8.34 a.m. EDT for a daily gain of a massive 10.7%.

The world's biggest cryptocurrency saw its price climb above $54,000 on Monday for the first time since Dec. 3, 2021.

Bitcoin has been on a rally since Jan. 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs, or exchange-traded funds. The move allowed investors, especially financial institutions, to trade Bitcoin without owning it.

In addition, Bitcoin will see its halving in the second half of April as traders adopt a bullish stance.

Ethereum, the world's biggest altcoin by market cap, was up 6.2% to $3,260 at 8.37 a.m., gaining a whopping 9.2% in the past week.

The price surge in Ethereum is a result of the potential approval of a spot Ethereum ETF and its upcoming Dencun upgrade on March 13.

With the rally, some altcoins saw their prices rise as much as 25%.


The value of the cryptocurrency market was up almost 7.7% to $2.14 trillion, while Bitcoin's share of the crypto market, known as dominance, was at 52.1% and Ethereum's dominance was at 18.2%, according to data from CoinMarketCap, a digital asset price-tracking website.