“we are back in 2021, where everything is going up and everyone is having fun”

The queen of cryptocurrencies exceeded $66,000 this Monday, March 4.

Bitcoin reached its highest level in two years on Monday, surpassing the $66,000 mark to approach its record, supported by the influx of capital into new ETFs backed by the most famous cryptocurrency. Bitcoin hit a high of $66,370 around 4:13 p.m. according to Coinmarketcap data, having already hit a two-year high in the morning. The queen of cryptos is up 6.7% in 24 hours.

Bitcoin reached an all-time high of $68,999.99 in November 2021. The most popular cryptocurrency in terms of market value has gained 50% this year and most of the rise has come in recent weeks, thanks to to the jump in inflows into publicly traded bitcoin funds in the United States.

Exchange-traded funds (ETFs) based on bitcoin were validated in January by the Securities and Exchange Commission (SEC), the American stock market watchdog, rekindling enthusiasm around the cryptocurrency.

Ether at its highest

Ether, bitcoin’s smaller rival, has benefited from speculation that it too could soon become the subject of ETFs and has risen 50% since the start of the year. It traded on Monday at its highest level in two years, up 1.93% to $3,495.83.

This jump is accompanied by higher highs on stock market indices as well as a drop in volatility indicators on stocks and currencies.

“In a world where the Nasdaq is reaching records, cryptocurrencies will do well because bitcoin remains a technological indicator with high volatility and a thermometer of liquidity,” said Brent Donnelly, president of the analysis company Spectra Markets . “We’re back to a 2021-type market, where everything’s up and everyone’s having fun.”