Bitcoin is getting closer to a record high. Early buying on Thursday has the cryptocurrency up 1.7%, or $19.25, at $1148.56 a coin, and on track for its 10th straight day of gains. Its all-time high of $1,161.88 was set on January 5.
Buyers have been piling into bitcoin in anticipation the US Securities and Exchange Commission will approve at least one of the three proposed bitcoin-focused exchange-traded funds by the March 11 deadline despite analysts warnings that none will be approved.
The current rally in bitcoin has run the price up more than 17% and has been the latest chapter in a volatile start to the year. Bitcoin surged more than 20% in the first week of 2017 amid heavy buying interest from China. Then, the price crashed 35% amid fears China was going to crack down on trading.
After bottoming out near $750 a coin, the cryptocurrency rallied despite news that China’s largest exchanges would begin charging a flat fee of 0.2% on all transactions and that two of China’s largest bitcoin exchanges were blocking withdrawals.
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