The world’s largest and most well-known cryptocurrency is close to eclipsing its all-time high of nearly $69,000. The milestone comes amid a massive rally for bitcoin over the past month, where its price has surged almost 60%. The NFT market even showed signs of life!

You’re forgiven if you’re not sold on bitcoin’s latest bump. The crypto community has a history of hyping big price moves only for bitcoin to fall back to Earth.

But this time around, things do feel a bit different. Business Insider’s Phil Rosen has a full rundown on what’s pushing bitcoin’s price so high this time.

One puzzle piece is bitcoin ETFs, which launched earlier this year. BlackRock’s iShares Bitcoin Trust drew $520 million in a single day, the second-largest daily inflow for a US ETF.

A bitcoin halving event is also expected next month, the first since 2020. That means lowering the incentives for bitcoin miners and cutting the amount of bitcoin issued daily, which puts more pressure on supply.

Bitcoin’s resurgence also comes in the face of high interest rates, in contrast to its peak at the end of 2021 when rates were almost zero.