Bitcoin is on a vertical tear, continuing its rapid resurgence and getting close to breaking its all-time high.

The digital token on Monday climbed 8% to $67,310, well above its $44,000 valuation at the start of the year and less than $2,000 away from surpassing its November 2021 record high of around $69,000.

Bitcoin (BTC)

What's fueling the rally? Cryptocurrency watchers say bitcoin is soaring in part because demand is rising on so-called spot bitcoin exchange traded funds.

The ETFs, which allow investors to dabble in crypto in a less riskier way than ever before, has attracted an huge influx of cash this year, experts said. 

A spot bitcoin ETF allows investors to gain direct exposure to bitcoin without holding it.

Unlike regular bitcoin ETFs, in which bitcoin futures contracts are the underlying asset, bitcoins are the underlying asset of a spot bitcoin ETF.

Each spot bitcoin ETF is managed by a firm that issues shares of its bitcoin holdings purchased through other holders or an authorized cryptocurrency exchange. The shares are listed on a traditional stock exchange.

As the world's largest cryptocurrency, both in terms of trading volume and most mined, bitcoin is often looked to by financial analyst as a gauge of the overall health of the crypto industry. 

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