The price of Bitcoin, the largest cryptocurrency, has gained more than 3.8 percent in the last 24 hours as investments in spot Bitcoin ETFs continued to rise.
Expectations that major central banks will start to cut interest rates this year and move towards a more supportive monetary policy also support the increase in Bitcoin.
Bitcoin, trading at $ 50,195 as of 20.30 today, reached its highest value since December 2021. Bitcoin's weekly value gain also exceeded 17.4 percent.
Bitcoin has gained more than 80 percent since October 2023, but is still far from its record high of $ 68,990 in November 2021. Bitcoin's price appreciated by about 157 percent last year.
Analysts point out that the upward momentum in the price of cryptocurrency may continue due to the halving process that will take place in April and reduce the supply of new Bitcoin.
The loosening monetary policy in China is also cited as another reason for the rise in Bitcoin's price.
Ethereum, which ranks 2nd in terms of market capitalization, has also gained 3.4 percent in the last 24 hours.
The US Securities and Exchange Commission (SEC) approved 11 different spot Bitcoin ETF applications on January 11.