Bitcoin has taken off: Cryptocurrencies continue to rise.

Bitcoin has made a significant leap, reaching the level of $73,500, just a few dollars shy of its historical peak. This rise is supported by regulators giving the green light to spot-based ETFs and an increase in global stimulus. As investors eagerly await new record highs, Bitcoin's performance this year has shown a 75% increase.

With Bitcoin Gaining Momentum, Investors Expect New Peaks

The flagship of the cryptocurrency market, Bitcoin, has come very close to its all-time high in transactions occurring in the US markets. The world's most valuable digital asset climbed to the level of $73,500, just a few dollars behind the record of $73,798 set on March 14. In the last 24 hours, Bitcoin has experienced a 4.6% increase in value and is trading around $73,000.

The cryptocurrency went through a challenging period following the peak on March 14. Prices tested below $50,000 during the summer, generally fluctuating in the range of $60,000 to $65,000. This period led investors to believe that the upward trend that began at the start of 2023 had come to an end. In attempts to reach new peaks, Bitcoin faced selling pressure from miners and long-term investors, while quick buying interest was observed during downward movements.

Bitcoin's performance since the beginning of the year has shown a 75% increase. With US regulatory agencies approving spot ETFs, prices have doubled compared to last year. Following the approval process that took place on January 10, BlackRock's iShares Bitcoin ETF (IBIT) reached approximately $24 billion in size last week, marking a significant achievement.

Among the main factors supporting the upward trend are the new monetary expansion policies that Western central banks will initiate in 2024, China's financial and monetary stimulus programs, and the increasing chances of cryptocurrency-friendly Republican candidate Donald Trump in the presidential race.