The price of Bitcoin (BTC) rose 10% over the weekend, its biggest gain in more than three months, to now trade at $42,700.00 U.S. per digital token.
The value of the largest cryptocurrency by market value jumped by the most since October 15. Bitcoin hasn’t been above $40,000 U.S. in more than two weeks.
Ethereum (ETH), the second largest cryptocurrency, climbed as much as 11%. Even SOL, the native currency of the Solana blockchain that has tumbled in the wake of the Wormhole project hack, surged 10% over the weekend.
The top cryptocurrencies began to rally after strong earnings from Amazon (AMZN) bolstered confidence in technology stocks, which digital tokens have largely tracked over the past few months.
The big cryptocurrencies have been largely trapped in a range over the past couple of weeks, after experiencing widespread declines in January. Their struggle to break out came as growth stocks and other riskier assets faltered amid investor concern about the impact of potential interest rate hikes and a trend toward tighter monetary policy globally.
