The price of Bitcoin surpassed the $64,000 level in Asian trade on Monday and is now just around 7% away from the record high reached in November 2021.

The world’s leading crypto was trading at $64,149 at the time of writing, not far off a 3% rise in the last 24 hours. 

As it stands, Bitcoin’s market cap is $1.25 trillion, Mint reports, and so far this year, the price has rallied over 50%.

Last week, the price of the world’s largest crypto exceeded the historic $63,000 mark for the first time since December 2021.

As well as Bitcoin, Ethereum also rose 1.5% to $3,476.97, and XRP increased 0.57% to $0.639.

The overall total crypto market cap has now surpassed $2.5 trillion.

The Bitcoin price rally follows on from the recent approval by the US Securities and Exchange Commission of spot Bitcoin exchange-traded funds (ETFs) in the US in January. This attracted significant investment and renewed excitement in the crypto market.

Indeed, the 10 biggest spot Bitcoin ETFs generated $420 million on 27th February alone, the highest inflow in nearly two weeks, according to LSEG data.

Furthermore, the BTC price was also bolstered ahead of the so-called halving event due to take place next month.

A Bitcoin halving happens every four years, where the pace of token issuance decreases, resulting in reduced rewards for miners. The event fuels overall bullish sentiment as the supply of Bitcoin is capped at 21 million, with 19 million having already been mined.

The nine new spot Bitcoin ETFs have over 300,000 Bitcoin, equating to seven times the amount of new coins mined since mid-January, the Mint report adds. Yet after April’s halving, the number of new coins mined each day will fall from the current 900 level to 450.

In addition, this month marks the first time in two years that the total value of all circulating Bitcoin has surpassed $2 trillion, as per CoinGecko data.