The price of Bitcoin (BTC) has broken above $35,000 U.S. and hit its highest level of the year.
Bitcoin is currently trading right around $35,200 U.S. after peaking at nearly $36,000 U.S. over the weekend.
Bitcoin’s price is now at its highest level since cryptocurrencies entered a bear market in May 2022, and its price has more than doubled from the low of $16,000 U.S. it hit in December 2022.
The largest crypto by market capitalization has seen its price rally 30% in the past few weeks after trading at $26,000 U.S. during the summer months.
The current rally in Bitcoin is being fueled by expectations that U.S. regulators will soon approve the first Bitcoin exchange-traded fund (ETF), which is expected to attract investment dollars.
At the same time, expectations that the U.S. Federal Reserve is done raising interest rates has investors willing to put capital into riskier asset classes such as crypto.
Some analysts are forecasting that Bitcoin’s price may now rise to $50,000 U.S. in coming months. The price of Bitcoin has gained 112% on the year.
