Bitcoin's price rose above $41,000 on Monday, reaching levels not seen since before the collapse of the crypto stablecoin TerraUSD in May 2022.

Bitcoin has continued to show strength as the crypto market anticipates the approval of a spot bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) and looks toward the upcoming Bitcoin halving event.

According to crypto derivative data analysis platform Coinglass, more than $109 million in Bitcoin short positions have been liquidated in the past 24 hours.

Meanwhile, gold also has reached an all-time high, above $2,115, in recent days. Bitcoin's fans sometimes refer to it as "digital gold" and argue it acts as a similar store of value over the long term. A positive correlation between the two assets is often seen as an indication of Bitcoin's further adoption and development toward that goal.

On X (formerly Twitter), El Salvador President Nayib Bukele announced Monday that the country's Bitcoin holdings are now in the black in dollar terms. Bukele began purchases on behalf of El Salvador near the peak of the previous bull market cycle in 2021.

Shares of crypto exchange Coinbase (COIN) rose more than 5% Monday, and Microstrategy (MSTR)—a technology company that, as of Nov. 29, allegedly held nearly 175,000—gained by 7% since Friday's close.