Bitcoin rose by 4.7% on Tuesday, reaching a two-year high of over $57,000, continuing the previous day’s rally.
During the trading session, bitcoin reached $57,445.14 per unit, the highest level since December 2021, CNBC reports.
"Now that we are much closer to retesting the bitcoin record, the market is much more motivated to see the level retested and surpassed," said Joel Kruger, market strategist at LMAX Group.
On Monday, bitcoin woke up from a week of mediocre trading to rise by over 7%, reaching $54,000 for the first time since December 2021.
The Bitcoin economy dictates that, with the opening of traditional market doors and general adoption underway, additional demand for such a rare asset should easily translate into a push well beyond the 2021 record level," he added, referring to the new US bitcoin spot ETFs and the "promising reception" from investors.
"The fact that this comes at a time when global sentiment is high and US stocks are posting record gains certainly doesn't hurt the cause," said Kruger.
Bitcoin has gained 24% since ETFs began trading on January 11th.
Ryan Rasmussen, an analyst at Bitwise Asset Management, said that the positive impact on the price so far is just the tip of the iceberg.
Bitcoin is less than 20% below its November 2021 all-time high of $68,982.20 per unit. Investors expect it to set a new record.