Bitcoin Soars Above $85,000, Reaches Eight-Month High

Bitcoin's price surged above $85,000 on Monday, marking its highest level in eight months. According to data from CoinMarketCap, the cryptocurrency reached $85,117 during trading, extending its recent recovery.

The rally comes despite the US Federal Reserve's decision last week to raise its benchmark interest rate by 25 basis points to a range of 3.75 percent to 4 percent.

Ethereum, the second-largest cryptocurrency, also gained alongside Bitcoin, growing by 5.81 percent to $2,721. The global cryptocurrency market cap rose 5.1 percent to $2.88 trillion and recorded over $106.24 billion as of 12:30 pm.