Bitcoin (BTC) enjoyed a strong rally over the weekend and its price is back above $72,000 U.S. for the first time in nearly a month.
The largest cryptocurrency by market capitalization is currently trading at $72,200 U.S., its highest level since mid-March and close to its all-time high of just under $74,000 U.S. per token.
Bitcoin had been in retreat since it hit a record high on March 14 of this year, falling close to $60,000 U.S. at one point.
However, the price rallied hard over the weekend and is up nearly 5% today (April 8). The price increase comes ahead of a halving event that is expected to take place on or around April 20.
A halving occurs every four years and sees the amount of Bitcoin that can be mined, and the rewards received for it, reduced by 50%, curtailing the available supply.
The renewed rally in Bitcoin is pushing up the stocks of companies associated with the cryptocurrency, including mining firms.
The stock of MicroStrategy (MSTR), the largest corporate holder of Bitcoin in the word, is up 11% in pre-market trading, while BlackRock’s Bitcoin exchange-traded fund (IBIT) is up 7%.
Among crypto miners, the stock of Marathon Digital (MARA) is trading 6% higher in pre-market action.
