Bitcoin (BTC) continued to climb against the US dollar on Wednesday with another 0.8% gain on the BTC/USD pair.
The world’s largest cryptocurrency is now trading above $71,000 for the first time in over two weeks as the bulls aim to reclaim its all-time high of $73,777 achieved in mid-March.
Week on week, BTC/USD has added 3.5%, bolstered by a stable exchange-traded fund (ETF) market and promising regulatory developments across the globe.
Following the US Securities and Exchange Commission (SEC)’s approval of spot-bitcoin ETFs this January, regulators in the UK, Australia and Hong Kong have made similar progress.
The prospect of greater inflows into the exchange-traded projects has proved to be a solid tailwind for bitcoin.
Bitcoin is over 68% higher year to date – Source: tradingview.com
Ethereum (ETH), the second-largest cryptocurrency, is currently around 1.5% higher against the US dollar week on week, having enjoyed a lift over the past two trading sessions.
In the broader altcoin space, Binance’s BNB token has surged ahead, adding 20% week on week, while Toncoin (TON) is up 13%.
Global cryptocurrency market capitalisation currently stands at $2.64 trillion, with bitcoin dominance at 53.1%.