Bitcoin is closing in on a record high after the US Securities and Exchange Commission has approved Bats Exchange's pettition to reconsider the Winklevoss bitcoin ETF. The cryptocurrency was trading up 2.1% at $1,281.76 a coin as of 1:57 p.m. ET, and on track to top its record-high close of $1277.65 set on March 6.

Four days later, bitcoin put in an all-time of $1327.19 just hours before crashing more than 25% after the US Securities and Exchange Commission rejected the Winklevoss twins' plans for a bitcoin ETF. The SEC rejected the plans for another bitcoin ETF just a few weeks after that.

However, bitcoin has rallied off its March 24 low of $959.45 as it has gained acceptance elsewhere. First, Japan announced it was accepting the crypticurrency as a legal payment method, then, Russia said it would consider recognizing bitcoin and other cryptocurrencies in 2018.

Bitcoin has been the top performing currency every year since 2010, aside from 2014. It has gained 33% so far in 2017.