On Wednesday morning, Bitcoin hit the $65,000 mark to set a new record high.
The digital coin passed the all-time milestone at 9:43 a.m. ET. It continued to move forward and was trading north of $66,900 about an hour later, according to data from Coinbase.
The development marks a dramatic turnaround for bitcoin, which previously hit a record low of just $65,000 in April before collapsing over the summer and falling to $29,800 in July.
Bitcoin has largely recovered this fall, receiving a significant boost this week when federal regulators allowed first exchange-traded fund containing cryptocurrency-based futures to begin trading in Tuesday.
More bitcoin futures ETFs from asset managers such as ARK Invest and VanEck are expected to be traded in the coming weeks.
The inclusion of bitcoin futures in ETFs could push the cryptocurrency even further, some crypto watchers said.
"People want the convenience of holding bitcoins in their brokerage accounts, and there's probably been a lot of capital sitting on the sidelines waiting for this product to exist and now it does," said Garrick Hilleman, head of research at blockchain.com .
Still, there may be flashing warning signs, Hilleman told The Post. The current rally could burst into flames—just like the last time the digital coin set the previous all-time high in April.
He warned that much of the recent hot streak in cryptocurrencies was due to short-term speculators using leveraged loans. Interest rates on cryptocurrency loans have doubled in the past week, a telltale sign of rampant speculation.
"We saw these levels in the spring around bitcoin's previous all-time high -- and that proved unsustainable," said Hilleman, who is also a fellow at the London School of Economics.
Even with its volatility, Hilleman says bitcoin makes a good medium- to long-term investment as it gains momentum among institutional investors.
"Right now, things are accelerating and crypto assets are very volatile and could turn around, but if you have a longer-term perspective and invest a modest amount, you won't go broke," he said. "Now is the perfect time to jump in if you're brand new to crypto assets."
Since 2013, bitcoin is up more than 62,000 percent, according to data from Coinbase.
Meanwhile, Ethereum, the second most popular cryptocurrency after Bitcoin, also saw a significant boost on Tuesday, crossing the $4,000 mark for the first time since May.
Increased interest in crypto from asset managers and old-guard investors means the most accessible coins—bitcoin and ethereum—will outpace more obscure “altcoins” like dogecoin or litecoin in the short term, Hilleman predicted.
As for Bitcoin, it is up 41.2 percent in the last month alone.
David Sacco, a professor of finance at the University of New Haven and a former UBS investment banker, told The Post that he expects bitcoin to fall again in the near future. He pointed to her upheaval over the past year.
"Sometime in the next week it will be below $60,000 again," he said. "I'd be willing to bet money that at some point within the next three months it's going to go back down to $40,000 -- maybe $30,000."
"Bitcoin is as volatile as any financial asset right now and will continue to be," he said.
On Twitter, however, it was all smiles among crypto fans who celebrated the new record price.
"The halls of eternity are ringing with the cries of those who sold their #bitcoin," exulted Michael Saylor, co-founder of business intelligence firm MicroStrategy, which has significant bitcoin investments.