It’s happening now: Bitcoin has hit an all-time high above $69,000.

Bitcoin is back today hitting an all-time high above $69,000 as investors and traders flock to the cryptocurrency market.

The digital asset is currently trading at $69,324.58, according to price data from Coinbase. This is a 4% increase in 24 hours. The asset has surged more than 58% in the past 30 days. The previous all-time high of $69,044 was set over two years ago, in November 2021.

Since the beginning of 2023, BTC has risen over 300%. Before that, it was trading at less than $17,000 per coin following a brutal bear market. So what has changed?

The most important catalyst was the approval and successful launch of 10 spot Bitcoin ETFs. Last June, after 10 years of refusal by the SEC, BlackRock—the world’s largest asset manager—has submitted its own application for a Bitcoin exchange-traded fund.

Since then, renewed interest from large investors and other major Wall Street firms has sparked a bullish rally in Bitcoin and the asset has started rising again on the price charts.

By the end of the year, Bitcoin was trading comfortably above $42,000.

When the U.S. Securities and Exchange Commission (SEC) finally approved a Bitcoin ETF in January, the price of Bitcoin rose slightly but then fell as cryptocurrency traders appeared to “sell the news” and take profits. However, since late January, the price of Bitcoin has surged as interest in ETF products has grown and retail investors have returned.

Over the past month, billions of dollars have flowed into Bitcoin ETFs, which are traded like stocks at brokerages and traditional exchanges. Purchasing shares of a Bitcoin ETF gives investors exposure to BTC without having to purchase and store the digital coin directly. Investors purchase shares of an ETF and the issuerCompanies like BlackRock buy Bitcoin and store it with custodians like Coinbase on their behalf.

And just as market analysts have been predicting for years, Bitcoin ETFs have brought a flood of new capital to the cryptocurrency market. BlackRock alone currently holds over $10 billion in Bitcoin.

During the 2021 bull market, the market was supported by retail investors who threw cash into cryptocurrencies in a post-pandemic era of ‘easy money’ and near-zero interest rates.

But this time, more seasoned investors, including BlackRock and Fidelity, participated. This begs the question: How long will this bull market last? Analysts are divided, but with Bitcoin’s supply shortage still over a month away, things could get very interesting.

Edited by Stacey Elliott.