Bitcoin to hit new all-time high this year if history plays out: report [Video]

Bitcoin has not reached the top of its current appreciation cycle and is likely to go past its all-time high this year, according to a research report released by CCData on Tuesday.

Bitcoin hit an all-time high of above $73,700 in March but has since been trading within a range between roughly $59,000 and $72,000.

The journey to the record high in March was largely driven by the approval and launch of the spot bitcoin exchange-traded funds, or ETFs, in the U.S. in January. They have attracted net inflows to date of around $14.41 billion to date, according to CCData, market data provider focused on digital assets.

ETFs allow investors to buy a product that tracks the price of bitcoin without owning the underlying cryptocurrency. Crypto proponents say this has helped legitimize the asset class and make it easier for larger institutional investors to get involved.

The bitcoin “cycle” refers to the …