Bitcoin, the world's largest cryptocurrency, rose for a fifth day in a row and was on track for its biggest monthly gain since October 2021. As of press time, Bitcoin rose 4.1% to $59,053. So far in February, all but eight trading days have risen, with a cumulative increase of 39% in the month.
The launch of a spot Bitcoin ETF in the United States in early January sparked a buying frenzy and weakened concerns that the Federal Reserve might keep interest rates higher for longer. Bitcoin's next "halving" is set to take place in April, and bulls are increasingly optimistic that it will soon surpass the record high of nearly $69,000 hit in November 2021.
“We are seeing evidence of heightened interest in digital gold from both retail and institutional investors,” said Matthew Sigel, head of digital asset research at VanEck Associates. "History shows that steeper, more violent gains can be expected."