Bitcoin Surges Past $77,000 as Cryptocurrency Market Capitalization Hits New High

Bitcoin's price surged past $77,000 on Friday for the first time since May, as a combination of factors contributed to its rebound. According to CoinMarketCap data, the global cryptocurrency market capitalization rose nearly 6.6% over 24 hours to reach $2.6 trillion.

The increase in Bitcoin's price was notable, gaining more than 7% over the same period, reaching $77,700 as of 0930 GMT. Ethereum, the second-largest cryptocurrency by market value, also advanced, rising nearly 4.4% to $2,390.

The latest rally marks a significant turnaround for Bitcoin after months of weaker price action and puts the cryptocurrency back above a level it had not reached since May. The broader rise in digital assets came as investors responded to developments in the US economy and financial markets, including easing pressure in the bond market and signals of political support for cryptocurrencies.