There’s no stopping Bitcoin (BTC-USD) this year. The largest cryptocurrency in the world has soared by over 2% to nearly $71,700 at the time of writing.
Bitcoin has rallied by a whopping 237.1% over the past year. The price surge has taken BTC’s market capitalization to nearly $1.35 trillion. This rally has been fueled by rising institutional interest, the recent SEC approval for spot BTC ETFs, and macroeconomic uncertainty.
Additionally, persistently high inflation has only added to Bitcoin’s appeal as a hedge against it. Major crypto-focused stocks such as Riot Platforms (NASDAQ:RIOT), Marathon Digital (NASDAQ:MARA), and Coinbase (NASDAQ:COIN) are also up by over 5% today. Shares of MicroStrategy (NASDAQ:MSTR) have rallied by nearly 10% so far today. At last check, MSTR’s Bitcoin hoard stood at about 193,000 coins.
Following the SEC’s lead, the Financial Conduct Authority in the U.K. has indicated its willingness to allow exchanges to list crypto-backed ETNs (Exchange Traded Notes). According to CNBC, the London Stock Exchange will start accepting applications for BTC or Ether (ETH-USD) ETNs in the second quarter of this year.
Bitcoin is now hovering well above its November 2021 highs. With its much-anticipated halving drawing closer, the cryptocurrency could continue to trend higher over the coming periods.
Source: TradingView
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