The value of Bitcoin reached an all-time high on Monday, breaking out of a two-year decline that had cast doubt on the future of the entire cryptocurrency ecosystem. The world’s largest digital currency, trading at $68,791, surpassed its previous record of $68,789 set on November 10, 2021.

This surge was largely driven by the approval of exchange-traded funds (ETFs) pegged to Bitcoin by US regulators. This allowed traditional investors to easily incorporate Bitcoin into their portfolios. The approval came after years of lobbying by crypto firms and a court ruling that the Securities and Exchange Commission’s previous rejections of ETF applications were unjustified.

Since the launch of the first 11 “spot” Bitcoin ETFs in January, they have attracted over $4.2 billion in net new flows, according to Bloomberg. ETFs are investment tools that track a basket of assets and trade like stocks, making it easier for investors to gain exposure to Bitcoin through their usual brokerage firms.

Bitcoin’s success is crucial for the broader $2 trillion crypto industry, which has been plagued by negative events such as high-profile bankruptcies, volatile price swings, and the prosecution of crypto celebrity Sam Bankman-Fried for stealing billions from customers on his FTX exchange.

Despite these challenges, Bitcoin’s value has risen by over 200% in the last 12 months, representing more than half of all cryptocurrencies in circulation. This rally is expected to continue as the number of Bitcoin entering circulation gets halved every four years, making it a scarce and valuable asset.