New York, USA – Bitcoin (BTC) surged past the $57,000 mark in early Asia hours on Tuesday, marking its highest value since November 2021 after experiencing substantial gains during the U.S. trading day on Monday. The cryptocurrency pulled back slightly to $56,500 at the time of reporting, showing a gain of more than 9% over the past 24 hours. The broader CoinDesk 20 Index (CD20) also saw an 8.9% increase over the same time period.

The upward trajectory for bitcoin began on Monday, escalating as it surpassed the $53,000 mark for the first time since November 2021. Throughout the day, the price continued to climb above $54,000. During the evening in the U.S. and early morning in Asia, bitcoin experienced a flurry of activity, quickly surpassing the $55,000, $56,000, and $57,000 levels within minutes.

The rise in bitcoin’s value on Monday led to a significant surge in trading volume for U.S.-based spot bitcoin ETFs, excluding Grayscale’s GBTC. These ETFs recorded a record high of $2.4 billion in trading volume on Monday, showcasing a renewed interest in the cryptocurrency market. Meanwhile, GBTC experienced its smallest outflow of bitcoin in a single day since the launch of spot ETFs on January 11, shedding only 921 tokens.

Overall, the recent surge in bitcoin’s price has reignited investor enthusiasm for cryptocurrencies, with substantial gains being observed across the market. The heightened activity in the cryptocurrency space signals a growing interest and acceptance of digital assets as viable investment options. As bitcoin continues to break through significant milestones, the financial landscape is evolving to accommodate the changing dynamics of the digital economy.