Bitcoin has just breached $35,000 per data from CoinGecko—a price not seen since May 2022.
On the day, the move represents just a 4% rise; stepping back, however, the milestone arrives amid a very bullish week for the market's largest cryptocurrency.
Over the last seven days, Bitcoin has surged by more than 24%.
It's dragged the rest of the market with it too, with Ethereum, XRP, Solana, Cardano, and Dogecoin all posting hefty double-digit gains over the same period.
Of the top ten cryptocurrencies by market cap, Solana has enjoyed the biggest gains though, rising 41% since last Wednesday.
Renewed hopes of an imminent Bitcoin ETF approval are likely the reason for the recent rally. Instead of larger institutions needing to deal with any of the technical know-how of cryptocurrencies, an ETF would allow them to plow into the asset class akin to buying a stock.
So far, though, the race has been a heated affair, with heavyweights BlackRock, Fidelity, Ark Invest, and Invesco all vying for the SEC's approval.
Naturally, BlackRock's move into the space has attracted the most attention given its size. The $10 trillion asset manager first filed on June 10 this year before refiling shortly after to include Coinbase in its surveillance sharing agreement.
Its most recent amendment came on October 19, which included new notes about the intense competition among firms, with BlackRock warning that "there can be no assurance that the Trust will achieve initial market acceptance and scale due to competition."
Other firms that week, including Ark and Fidelity, also issued amended filings, suggesting to some that the SEC is issuing clearer guidance on what's expected of firms.
ETF analyst at Bloomberg Eric Balchunas said, for instance, that Ark's amendment indicated just that, adding that it's a "good sign" and marks "solid progress."
Edited by Stacy Elliott.