(Bloomberg) -- Bitcoin advanced for a fifth straight day, putting the biggest cryptocurrency on track for its biggest monthly gain since October 2021.

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Bitcoin rose as much as 4.1% to $59,053 on Wednesday at 8:50 a.m. in London. It has risen on all but eight trading days so far in February, rallying 39% for the month.

The launch of spot Bitcoin exchange-traded funds in the US in early January has driven a frenzy of buying, overcoming concerns that the Federal Reserve might keep interest rates higher for longer. With Bitcoin’s next “halving” looming in April, optimism among crypto bulls is increasing that the token could soon overtake the record of almost $69,000 it hit in November 2021.

“We’re seeing evidence of elevated interest from both retail and institutional looking to get exposure to digital gold,” said Matthew Sigel, head of digital asset research at VanEck Associates. “History suggests even steeper and more violent rallies are ahead.”

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