Bitcoin has been on a wild ride lately, shooting up to over $65,000 in a larger rally that's been building over the past few weeks. At its peak, it hit $65,516.87, with a market cap topping $1.2 trillion. That's a whopping 5.4% increase in just 24 hours, showing how fast Bitcoin is moving up.

So, what's behind this surge? Well, a big part of it is FOMO – the fear of missing out – especially among institutional investors. These are the big players like hedge funds and asset managers who handle huge sums of money for their clients.

One key factor driving this frenzy is the approval of a spot Bitcoin Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC) back in January. This gave institutional investors an easier and more regulated way to jump into Bitcoin, and many of them did just that.

In fact, these institutional folks have snapped up over 300,000 Bitcoins, making the supply of available coins even tighter. And with only about 900 new Bitcoins mined each day through a process called mining, the demand far outweighs the supply.

Adding to the scarcity, we've got the Bitcoin halving event on the horizon. This happens roughly every four years and slashes the rate of new Bitcoin issuance in half. With the upcoming halving expected to cut the new supply by 50%, Bitcoin could become even scarcer.

With Bitcoin's price now approaching its previous all-time high of $68,789.63, investors are feeling optimistic about its future. Despite the chance of short-term ups and downs, experts are bullish on Bitcoin's long-term outlook.

Many believe its solid fundamentals, like its limited supply and increasing use as a store of value, could push its price to new heights. Some even think it could eventually hit $1 million per coin.