Bitcoin surged to a five-month high on Monday, climbing back above $57,000 to outperform the broader cryptocurrency sector.
The digital currency claimed an intraday high of $57,776 before paring gains to trade up 3.48% at $57,331 as of 12:50 p.m. ET Monday. The largest cryptocurrency by market capitalization hit a record high of $65,000 in April.
Tim Frost, the CEO of the digital-wealth-management platform Yield App, couldn't point to one particular reason behind the rally. Catalysts could include the Securities and Exchange Commission's recent approval of an exchange-traded fund made up of stocks with bitcoin exposure, growing institutional adoption of the digital asset, and the daily settlement hitting $31 billion worth of transactions for the first time last week, he said.