Bitcoin rallied 11 percent to $24,655.94 Thursday morning, its highest price since August 2022. Ether rose 8 percent to $1,684.59. The value of the entire cryptocurrency market rose to $84.8 billion in the 24 hours leading up to the Bitcoin rally. Yuya Hasegawa, an analyst at Japanese crypto firm Bitcoin Bank, said investors are shifting to bitcoin as federal regulars seek to regulate cryptocurrency. Securities and Exchange Commission chairman Gary Gensler said last year that the agency views bitcoin as a commodity rather than a security. He said that commodities are assets like gold, whereas stocks are considered securities and are regulated differently.