The price of %Bitcoin ($BTC) is nearing $48,000 U.S., its highest level in a month, after rallying more than 10% in the past week.
At $47,600 U.S., Bitcoin’s price is now at its highest level since it was trading at $49,000 U.S. just before regulators approved spot BTC exchange-traded funds (ETFs) on Jan. 10 this year.
Bitcoin has gained more than 5% in the last 24 hours, bringing its increase over the past week to more than 10%.
Other %Cryptocurrencies are also rallying, with the price of %Ethereum ($ETH) having increased 10% over the last five trading sessions.
Publicly traded crypto-related companies are also marching higher, with the share price of Bitcoin miner %CleanSpark (NASDAQ: CLSK) rising 24% in premarket trading today (Feb. 9).
Analysts say cryptocurrencies and related stocks are rising ahead of the upcoming Bitcoin halving event in which the reward miners earn for new coins is cut by 50%.
The share prices of cryptocurrency exchange %Coinbase (NASDAQ: COIN) and software company %MicroStrategy (NASDAQ: MSTR), which holds more than 190,000 Bitcoin on its balance sheet, are each up 5% in early trading on Feb. 9.
At the same time, inflows into the new spot Bitcoin ETFs continue to rise, with investors allocating more than $20 billion U.S. to the funds in their first month of operation.
Some analysts say that more than $100 billion U.S. of capital could flow into the spot Bitcoin ETFs by year’s end.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) is expected to approve spot Ethereum ETFs this summer.