Bitcoin reached $38,800 on Friday morning during European morning hours, the highest level since May 2022. This continued its multi-month upward trend, boosted by expectations of institutional interest.

Assets have gained nearly 3% over the last 24 hours, reflecting a rise in global stock markets. Futures for the U.S. indexes S&P500, Dow Jones and NASDAQ jumped by 0.17% in premarket trade. The European index Stoxx600 gained 0.52% from Friday’s opening.

On-chain behavior indicates that a large amount of the asset was moved into cold storage, which is a sign of demand as well as a lack imminent selling pressure.

The strength of bitcoin has also contributed to a rise in the overall capitalization. It crossed the $1.5 trillion threshold on Thursday, and it’s added $400 billion in value since the beginning of October.

The growth of large-cap tokens has been aided by strong narratives about artificial intelligence, layer one blockchains, gaming, and layer 2 blockchains. Prices for Solana’s SOL, and Avalanche AVAX have more than doubled in the last two months.

Some market observers believe that bitcoin’s growth could be muted as the month of December continues.

Alex Kuptsikevich is a senior analyst at FxPro. He said that December was a neutral month in terms of seasonality. It has added half as much over the last 12 years. “The average gain in December is 30.8% while the average loss is 12.8%,” said Alex Kuptsikevich, FxPro senior market analyst.

Oliver Knight is the editor.