Bitcoin at 2-year highs. Why is the crypto queen in the running?

The queen of cryptocurrencies dominates the market scene today: Bitcoin has in fact reached the highest level of the last two years, in the wake of signs of euphoria with large players purchasing the digital currency.
Smaller rival Ether also jumped, surpassing $3,200 for the first time since 2022.
The digital asset gained as much as 4.4% to reach $57,039 before paring some of the jump to trade at approximately $56,176 as of this writing.
Bitcoin's price has risen 32% since the start of the year, extending a sustained rally that has also fueled speculative appetite for smaller tokens like Ether and Dogecoin.
The world's largest cryptocurrency by market value was also recently boosted by the approval of Bitcoin Exchange Traded Funds (ETFs) in the United States.
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The cryptocurrency has rallied more than 10% in two sessions, buoyed by a disclosure on Monday by digital currency investor and software firm MicroStrategy that it had recently purchased around 3,000 Bitcoin for an outlay of $155 million.
Additionally, trading volumes across many funds increased on Monday, February 26, and cryptocurrency-related companies also rallied, in contrast to broader markets experiencing jitters.
Meanwhile, a net $6.1 billion was poured into a series of Bitcoin ETFs that began trading in the United States on January 11, signaling a broadening of demand for the token from an audience of investors beyond digital asset enthusiasts.
An impending reduction in Bitcoin's supply growth, the halving, also fuels the optimistic sentiment.
“…the demand unleashed by US spot ETFs appears to be relentless,” said Justin d'Anethan, head of partnerships in Asia at Keyrock, a digital asset market maker.
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Analysts also pointed out that digital tokens are surging even as investors have lowered expectations for looser monetary policy this year, highlighted by a rise in U.S.
Treasury bond yields.
Bitcoin has outperformed traditional assets like stocks and gold this year.
The ratio between the price of the token and that of the precious metal is at its highest level in more than two years.
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