Bitcoin surged above $64,000 on Monday, marking its highest point in two years and approaching its record high.
During the Asian trading session, the cryptocurrency reached $64,285, which is its highest level since late 2021. Currently, it is trading at $63,850, reflecting a 2 percent increase for the session.
Bitcoin's previous all-time high stands at $68,999.99, achieved in November 2021.
This year has witnessed a 50 percent surge in Bitcoin's value, with much of the upward movement occurring in recent weeks, particularly as trading volume surged for US-listed Bitcoin funds.
The approval of spot bitcoin exchange-traded funds in the United States earlier this year has attracted new large investors, reinvigorating enthusiasm and momentum reminiscent of the run-up to record levels in 2021.
Markus Thielen, head of research at crypto analytics firm 10x Research in Singapore, explained to news agency Reuters that investor confidence remains strong as the price continues to climb.
Meanwhile, Ethereum, Bitcoin's smaller rival, has also experienced gains amidst speculation surrounding potential exchange-traded funds driving inflows.
Year-to-date, Ethereum has seen a 50 percent increase, trading at $3,490 on Monday, slightly below its two-year highs reached last week.
The surge in cryptocurrency values coincides with record-breaking performances in stock indexes such as Japan's Nikkei, the S&P 500, and the Nasdaq, alongside decreasing volatility indicators in equities and foreign exchange.
Brent Donnelly, trader and president at analysis firm Spectra Markets, commented, "In a world where Nasdaq is making new all-time highs, crypto is going to perform well as bitcoin remains a high-volatility tech proxy and liquidity thermometer. We are back to a 2021-style market where everything goes up and everyone is having fun."
