Bitcoin (BTC-USD) has made a significant leap, surging past the $35,000 milestone. This surge represents the most substantial one-day gain in over a year, a remarkable 10% ascent within a mere 24-hour span. It’s Bitcoin’s highest valuation in a year and a half.

This thrilling progress greatly influenced related digital asset enterprises. For example, Coinbase (COIN), the largest cryptocurrency exchange in the United States, registered a significant 13% boost in its stock valuation. At the same time, MicroStrategy (MSTR) experienced a commendable 12% rise. Additionally, Bitcoin mining companies Riot Platforms (RIOT) and Marathon Digital (MARA) reveled in remarkable growth, with gains exceeding 13% and 17%, respectively.

What fueled this excitement? A significant factor is the anticipation of the Securities and Exchange Commission (SEC) potentially greenlighting the very first Bitcoin exchange-traded fund (ETF). Should this come to fruition, ordinary investors can engage in the Bitcoin market without holding the cryptocurrency directly.

Prominent investment firm BlackRock (BLK) is among those exploring the creation of a Bitcoin ETF, and indications suggest they have already initiated the process, contributing to the buzz. BlackRock’s connection with Bitcoin impacting its value is not a novel occurrence; just last week, speculations circulated about the SEC endorsing BlackRock’s Bitcoin ETF, leading to a price surge. Nonetheless, when BlackRock disclaimed this speculation, prices subsided. Presently, the market is awaiting the SEC’s verdict expected by January 10.

Additionally, The rise in Bitcoin’s value was a result of numerous individuals who had taken positions against it being forced to liquidate their holdings, thereby amplifying the demand for buying.

The current exuberance in the cryptocurrency realm has some drawing comparisons to the “good old days.” A year ago, Bitcoin’s value was significantly higher at around $68,789, but it encountered a turbulent 2022 with a substantial loss of value and challenges faced by various companies, including the FTX crypto exchange. Nevertheless, in 2023, Bitcoin’s value has increased by over two-fold since the beginning of the year.

MicroStrategy, headquartered in Virginia, holds a substantial Bitcoin portfolio of around 158,245 BTC, which is currently valued at approximately $5.4 billion.

In the past month, MicroStrategy’s founder and executive chairman, Michael Saylor, has expressed bullish sentiments about Bitcoin, describing it as “digital energy,” “a flight to safety” “for the kids,” “forever,” and “power.” These sentiments reflect the fervor and optimism within the cryptocurrency community for Bitcoin’s future, with hopes that positive trends will persist with further encouraging developments from regulatory authorities.