Another day in volatile cryptoland saw BTC’s value swell by around 10%, lifting the sea of crypto above the $2.5 trillion milestone.

Key Points

• Bitcoin rally stopped $250 short of record high.

• BTC price rose 10% on Monday to hit $68,750.

• Bitcoin halving could be a factor in play.

• Bitcoin prices BTCUSD blasted through the charts on Monday, kicking off a broad-based crypto rally. The original digital asset added nearly 10% to its valuation on the day, or roughly $120 billion, and almost crushed its record of $69,000 per token hit in November 2021.

• The orange coin was just $250 away from its all-time high, reaching a daily peak of $68,750 a pop. Animal spirits have slightly cooled down on Tuesday with Bitcoin prices floating just above the $66,000 mark. For the past 11 trading days (and crypto gets no days off), Bitcoin has closed 9 sessions in the green.

• The upcoming Bitcoin halving—a reward-slashing event—could be a factor that’s driving up BTC’s valuation near its record. What’s more, the overall market capitalization of the crypto space just topped $2.5 trillion for the first time since late 2021 when the market was coming down from its record of $3 trillion.