Bitcoin Surges To Five-Month High Above $57,000 U.S.

Bitcoin has surged to a five-month high, rising above $57,000 U.S., and putting the digital coin’s all-time high of $65,000 U.S. within reach.

Bitcoin continues to outperform the broader cryptocurrency sector. The digital currency claimed an intraday high on Monday (October 11) of $57,776 U.S. before paring gains to trade up 3.48% at $57,331 U.S.

The largest cryptocurrency by market capitalization hit a record high of $65,000 U.S. in April of this year.

Catalysts for the current rally in Bitcoin include the U.S. Securities and Exchange Commission's (SECs) recent approval of an exchange traded fund (ETF) made up of stocks with Bitcoin exposure, growing institutional adoption of the digital asset, and the daily settlement hitting $31 billion U.S. worth of transactions for the first time last week.

Meanwhile, the wider altcoin market is down, with digital tokens such as Ripple, Cardano, Polkadot and Dogecoin trading lower. But Ethereum is posting modest gains.

Also bucking the general downturn in cryptocurrencies is Shiba Inu, which was trading 19% higher on Monday at $0.00003212. In the past seven days, the Dogecoin spinoff has climbed 265%. The token was founded last year, with its anonymous creator dubbing it a “meme token,” that explicitly mimics Dogecoin.