• Bitcoin's price is nearing an all-time high, sparking anticipation among crypto enthusiasts for a breakthrough to unprecedented levels. However, in terms of market value, the token has already reached a historic milestone. According to CoinGecko data, Bitcoin's market capitalization surged to $1.35 trillion, surpassing the previous peak of $1.28 trillion recorded in November 2021 during the token's pandemic-era bull run. Despite Bitcoin's supply expansion since then, its market capitalization has surged to new heights amidst the latest rally, with the digital asset trading around $67,360 on Tuesday.

• Recent gains in Bitcoin have been propelled by demand from new US spot Bitcoin exchange-traded funds and expectations of a reduction in the token's supply growth. These ETFs, introduced by prominent financial institutions like BlackRock Inc. and Fidelity Investments, have attracted nearly $8 billion of net inflows since their debut in January. Moreover, speculative activity has intensified across the crypto market, with increased leveraged bets in derivatives markets and significant intraday surges in meme coins, reflecting a broader resurgence in speculative interest.