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Bitcoin rose 6% to beat the 67,000 mark on Monday, the highest it has been since November 10, 2021.
Bitcoin’s climb receives a significant boost from the successful launch of exchange-traded funds (ETFs) holding the cryptocurrency, sparking fresh momentum in its trajectory.
These ETFs, which debuted in January, have begun to exert a more pronounced influence on Bitcoin’s performance in recent days.
Bitcoin set to hit all-time high this week?
With its previous record of nearly $69,000 achieved during a brief spike in 2021, Bitcoin’s resurgence seems increasingly attainable, fuelled by its rapid surge of over 50% in the past month.
According to Markus Thielen, head of research at 10x, Bitcoin prices will reach an all-time high before the week ends.
Bitcoin ETFs drive the rise
Driving this upward trend is the sustained optimism surrounding spot Bitcoin exchange-traded funds (ETFs), introduced earlier this year.
These ETFs now manage nearly $50 billion in assets and hold approximately 4% of all Bitcoins, according to data from Bernstein, underscoring their significant impact on Bitcoin’s market performance.
Moreover, anticipation mounts around the upcoming “halving” event, historically associated with driving Bitcoin prices higher by reducing miner incentives and curbing supply growth.
A broader uptick in equity markets further bolsters Bitcoin’s position.
Total market cap of $1.29 trillion
As of Monday, Bitcoin’s total market capitalization stands at an impressive $1.29 trillion, as reported by CoinGecko.
This marks a substantial increase from the $320 billion recorded at the end of 2022 during the crypto winter.
At the time of publishing, Bitcoin was at $67,160.20.
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