Markets Insider

Bitcoin is closing in on record territory.

The cryptocurrency was trading up by 2.1% at $2,573 a coin as of 7:03 a.m. ET. The early advance has bitcoin on track for its best close ever. It would need to top $2,799 to put in its best print of all time.

Monday's advance comes absent any real catalyst. The bid seems to be a continuation of the gains that developed late last week after China's three biggest bitcoin exchanges announced they were allowing customers to begin withdrawals for the first time since February. At the time of the ban on withdrawals, bitcoin was threatening its then-record high of $1,161 a coin before plunging by more than 10% on the news.

Since then, however, bitcoin has seen a steady stream of good news. In early April, Japan announced bitcoin had become a legal payment method. Additionally, Russia's largest online retailer, Ulmart, began accepting bitcoin even though Russia said it wouldn't consider the use of the cryptocurrency until 2018.

There is still one big hurdle to climb. Back in March, the US Securities and Exchange Commission rejected two bitcoin exchange-traded funds. It has since taken public comment on its decision regarding an ETF started by the Winklevoss twins, but it has not made an additional ruling.

Bitcoin is up 172% in 2017.