Bitcoin reached a two-year high on Tuesday, inching its way to an all-time record high.
The original crypto currency rallied for the second day on Tuesday, surpassing $57,000 for the first time since 2021. On Tuesday morning, its price had slightly dropped to $56,704.
Since the start of the year, Bitcoin has risen 28% as result of renewed interest in the digital currency after the U.S. approved the first bitcoin spot ETFs. A technical event called halving, which restrains the mining of new bitcoins, is approaching in April and has also contributed to rising demand.
Bitcoin is a little over $10,000 away from the all-time high it hit in November 2021, of over $68,000.
Why is Bitcoin rallying this week
Recent transactions in the cryptocurrency market have lead to bitcoin gaining more than 10% over the past two days.
MicroStrategy revealed Monday that it has bought 3,000 bitcoin for $155.4 million.