Bitcoin Jumps to 5-Month High on Speculation of U.S. Spot ETF Approval

Bitcoin rallied on Monday, reaching its highest level since mid-July as speculation persists over the approval of a spot Bitcoin ETF in the U.S.

The coin now makes up 49.6% of the overall crypto market, according to CoinGecko.

Over the past week, Bitcoin increased 9.8% - its biggest weekly gain since June.

Analysts at JPMorgan predict a spot Bitcoin ETF could be approved by Jan. 10.

Michael Saylor's MicroStrategy Bitcoin holdings have brought in about $160 million due to the recent price surge.