The price of Bitcoin (BTC) has risen above the key resistance level of $30,000 U.S. amid higher bond yields and a continued slump in stocks.
In the past 24 hours, the price of Bitcoin has increased 2.30% as part of a broader rally in cryptocurrencies, which continue to outperform equities and extend gains from last week.
Bitcoin is also marching higher as expectations rise that a spot Bitcoin exchange-traded fund (ETF) will soon be approved by U.S. regulators.
Bitcoin is currently trading at $30,500 U.S. after briefly touching $31,000 U.S. over the weekend. The largest digital asset has broken out from the stagnant level of $26,000 U.S. that it had been at since August of this year.
Bitcoin is now at its highest price level since mid-July of this year.
While stocks have come under pressure from rising bond yields and geopolitical uncertainties, cryptocurrencies have proven to be resilient.
In addition to Bitcoin, Ethereum, the second largest crypto by market capitalization, has gained 2% in the last day to trade at $1,670 U.S.
Smaller digital coins and tokens, including Cardano, Polygon and Dogecoin, have also risen in the last 24 hours, gaining anywhere from 2% to as much as 8% in value.
