The digital currency bitcoin is at an all-time high after suffering a collapse less than two years ago that greatly affected the public's faith in digital currencies as prices plunged.

Bitcoin passed the $68,000 mark on Tuesday, which is higher than the prior record for Bitcoin set back in November 2021, according to the Associated Press.

The current price is up nearly 200% over what it went for around this time last year. Analysts believe it is largely fueled by the anticipation of regulatory approval of spot bitcoin exchange-traded funds, which provides access to a broader investor base.

The price initially surged 60% since the approval of bitcoin ETFs (exchange traded funds) in January, which is an easier way to invest in assets or a group of assets without having to directly buy the assets themselves.

Another factor affecting the price is the upcoming "halving" phenomenon which trims the rate at which new bitcoins are mined and created, thus lowering the supply.

Historically, bitcoin has been known to go through wild price swings that come suddenly and happen over the weekend or overnight in trading that continues all hours, every day.

New exchange traded funds will make investing in the digital currency easier.

Bitcoin was just over $5,000 at the start of the pandemic, then reached almost $69,000 in November 2021.

The prices dropped amid Federal Reserve rate hikes intended to cool inflation, slow money flows and discourage risky investments.

That was followed by the FTX collapse of 2022, which greatly affected public confidence in digital currency. Starting in January 2023, a single bitcoin was worth less than $17,000. As inflation began to cool investors returned in large numbers.

A series of prominent, tech-focused bank collapses is believed to have led more investors to cryptocurrency and away from even riskier investments.

Though this is good news for those who already hold Bitcoin, experts maintain that cryptocurrency is risky and wildly unpredictable.