Bitcoin climbs to highest level in 2 months

By Ovunc Kutlu

ANKARA (AA) - The price of Bitcoin climbed Thursday to its highest level in two months but still failed to surpass the resistance level of $25,000.

The world's largest crypto by market size saw its price hit $24,872 at 9 a.m. EDT -- its highest since June 13.

It was trading at $24,170 at 12.40 p.m. EDT for a daily gain of 2.3%.

Ethereum was trading around $1,890 at the time for a gain of 3.7%.

The world's biggest altcoin by market value climbed to as high as $1,942 during the day.

The total value of the cryptocurrency market stood at $1.15 trillion at the time for a daily gain of 1.9%. But it was still off its record high of $3 trillion recorded in November.

A recent surge in the crypto market came with gains in the US stock market, especially the tech-heavy Nasdaq, of which cryptos are highly correlated to in recent months.

US stock exchanges have been on the rise since Wednesday when consumer inflation eased.

Annual consumer inflation in the US rose 8.5% in July, softening from the 9.1% annual gain in June, according to the Labor Department.

Slowing inflation gave confidence to investors that the Fed could start pumping the brakes on rate hikes in the coming months.