Since the surge in the largest cryptocurrency showed no signs of abating, Bitcoin hit a record high on Monday above $71,000.

Bitcoin rose 4.8% to a record $71,677 in European exchanges, bringing the gains for the year so far to 70%. According to Nick Cawley, DailyFX strategist, “Bitcoin started the week with a big surge, taking the rest of the cryptocurrency space with it.” The world's most valuable cryptocurrency has been boosted by an influx of liquidity in new Bitcoin spot exchange-traded funds as well as by hopes that the Federal Reserve will soon cut interest rates. Bitcoin's supply, limited to 21 million tokens, will tighten in April, when what's known as the halving event takes place