Bitcoin (BTC) surpassed the $42,000 mark for the first time since April 2022, reaching levels not seen since the Terra crash, while Ether (ETH) exceeded $2,200.

Bitcoin had been hovering around the $40,000 threshold in recent days but finally breached it on Monday, trading above $41,600 at the time of reporting, marking a 24-hour increase of approximately 6%.

Ether was trading around $2,240, reflecting a similar percentage gain. This upward movement also propelled crypto-related stocks, with Coinbase (COIN) and Microstrategy (MSTR) both experiencing nearly 9% jumps in pre-market trading.

Crypto miners, including Marathon Digital (MARA) and Riot (RIOT), saw gains of over 10%, Coin Desk reported.

Other cryptocurrencies in the top 10 by market capitalization recorded more modest increases, while BNB coin (BNB), associated with the Binance exchange, remained relatively stable.

Bitcoin, the world’s largest and oldest cryptocurrency, had dipped below $40,000 in April 2022 but has seen a rally in recent months, largely attributed to perceived dovish statements from U.S. central bankers and optimism surrounding the potential approval of a bitcoin exchange-traded fund (ETF) in the country.

Similarly, Ether had not surpassed the $2,200 mark since May 2022, though it had approached this level on a few occasions.

Written by B.C. Begley