Friday's trading data revealed that the price of Bitcoin has surpassed $31,000 for the first time since June 2022.

The cost on the Binance cryptocurrency exchange rose 4.7% over the past day to an average of $31,380. 

The CoinMarketCap portal, which calculates the average price for over 20 exchanges, announced the exchange increase.

On June 10, 2022, Bitcoin reached a high of $30,000 before falling to a low of around $20,000, where it stayed for a significant portion of the rest of the year and the first few weeks of 2023.

After investment companies BlackRock and WisdomTree Inc. filed applications to establish an ETF (exchange-traded fund) on Bitcoin, traders have been on a roll since analysts say the move contributed to the growth of the cryptocurrency market.

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Following the failure of Silicon Valley and Signature banks in late March, the cryptocurrency market picked up steam as some investors began to doubt the stability of the current monetary system, considering their appetite for assets with long-term value.

The cryptocurrency market had surged in January amid signs that inflation was slowing, stalled in February, and then picked up steam in late March. A recent increase in gold prices has seen it reach $2,000 for the first time since 2020.

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