The bitcoin (BTC) exchange rate surpassed the $57,000 mark on Tuesday, coming within striking distance of an all-time high, as enthusiasm for the world’s largest cryptocurrency reached levels last seen during the 2021 boom.

The price of the digital asset is up 10% for the week and 35% so far this year, thanks largely to the excitement generated by a series of spot bitcoin exchange-traded funds that began trading in January.

Passing the $57,000 mark, bitcoin reached its highest point since November 2021. The current rally is testing whether the price can approach its all-time high of $68,789. That high was reached six months before the spectacular crash in 2022.

Investors are driving up the prices of other cryptocurrencies and related stocks as well. According to Coinmarketcap, the second-largest cryptocurrency, ether (ETH), outperformed bitcoin by more than 10% over the year, and the total market value of all crypto assets rose by about 30% to $2.15 trillion.

One sign of the growing enthusiasm for bitcoin is the trading activity in bitcoin ETFs, which were launched in January and have provided regular investors with ample exposure to the digital asset. More than $6 billion had been invested in them as of Tuesday, according to London-based Farside Investors.

Bitcoin trading volume so far this quarter has surpassed the level seen during the same period in each quarter of 2023. This activity has been a boon for major cryptocurrency trading platforms, including Coinbase Global (COIN) and Robinhood (HOOD). Since the beginning of January, shares of these companies are up 27% and 31%, respectively.

Bitcoin miner Marathon Digital (MARA) and bitcoin holder Microstrategy (MSTR) are up 32% and 27%, respectively. On Monday morning, MicroStrategy announced the acquisition of another 3,000 BTC, bringing its total investment to 193,000 BTC, which was valued at about $11 billion as of Tuesday.

Derivatives traders are also getting in on the bitcoin rally, according to Cumberland Labs analyst Christopher Newhouse.

According to cryptocurrency derivatives data provider Coinglass, the volume of open contracts in the bitcoin futures market is around $24 billion. This is a new high for open bets on bitcoin futures, surpassing the mark that was last set in April 2021.