Bitcoin (BTC) is nearing an all-time high as the price of the largest cryptocurrency by market capitalization rises above $65,000 U.S.
Market observers say that Bitcoin is continuing to benefit from inflows into the new crop of exchange-traded funds (ETFs) that were approved by U.S. regulators in January of this year.
The price of Bitcoin has risen 5% in the last 24 hours to trade at $65,065 U.S.
Bitcoin is now close to its all-time high of $68,789 U.S. reached in November 2021.
Bitcoin has climbed steadily since last autumn, but its gains have accelerated in recent weeks after the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs.
The price of Bitcoin has gained more than 50% since the start of this year, with most of that increase coming during the month of February.
The Bitcoin ETFs are proving popular with retail investors who can easily purchase them without having to physically hold the cryptocurrency in a digital wallet.
About a dozen U.S.-based Bitcoin ETFs took in a combined $1.77 billion U.S. between Feb. 26 and Feb. 28 amid strong buying on the part of investors, according to crypto financial services firm Galaxy.
Other cryptocurrencies, ranging from Ethereum (ETH) to Dogecoin (DOGE), are also rallying alongside Bitcoin.
The price of Bitcoin has now increased 306% from a low of $16,000 U.S. that it reached in December 2022 when the cryptocurrency market bottomed after a prolonged downturn.
