“We’ve been in depressed levels for the last six months, so it’s really one way from here, which is up,” said Timothy Tam, chief executive officer with CoinFi, a cryptocurrency data analysis company, in a phone interview from Hong Kong. “The timing is always difficult to predict but I think we’re at the start of a secular bull market.”

Other positive news fueling the rally is renewed optimism after Bitmain, a China cryptocurrency mining rig maker, accomplished another investor funding round,. The company was reported by Chinese financial news outlet Caixin to have raised $300 million to $400 million at a valuation of about $12 billion.

In addition, the U.S. Securities and Exchange Commission (SEC) is mulling over whether to approve a Bitcoin exchange-traded fund (ETF)–a request filed through the Chicago Board of Exchange (CBOE) by investment firm VanEck and blockchain platform SolidX. An approval of a Bitcoin ETF would allow reticent investors to purchase the cryptocurrency without using an exchange that lacks government oversight and regulation.

For more cryptocurrency news, click here.