The price of bitcoin continues to defy skeptics in the lead up to Christmas as some experts predict it may return to its highs last seen in 2017.

As of 9:15 p.m. EST Sunday, bitcoin had hit $4,158.02 and appeared to be on track to pass $4,200, its highest level in nearly a month as part of a bull run that has been dubbed a “Santa Claus rally.”

The cryptocurrency hit a low of $3,139.96 on Dec. 15 as part of a bear run that ran the entire year after bitcoin peaked at nearly $20,000. Things started to change with the first surge in prices Dec. 17 through $3,500, then to $4,000 Dec. 20.

Despite various predictions that it was a scam and doomed to fail, bitcoin’s new rise has some investors excited. “Market speculators believe that the price of bitcoin is going to shatter all expectations and spike upwards soon, some remarking that the bull run has not even begun and the current market is just the tip of the iceberg,” AMBCrypto reported.

The bull run is credited to a number of possibilities, including investors looking for a safe haven — though that seems dubious for something this volatile — as equity markets continue to decline, particularly given the rise in interest rates by the Federal Reserve.

Another possible reason is increasing institutional support for bitcoin and other cryptocurrencies. Leading the list is Bakkt, a platform for the first bitcoin-settled futures contract, that is expected to obtain approval from the U.S. Commodity Futures Trading Commission sometime in the new year.

Bakkt comes from the Intercontinental Exchange, the parent company of the New York Stock Exchange and is seeking to create “an accessible ecosystem capable of supporting the growing needs of the digital assets market.” The startup comes with strong backing and has raised venture capital from Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Pantera Capital, Protocol Ventures and Susquehanna International Group. Some recent reports have Bakkt possibly being delayed for regulatory approval, but it’s still expected to launch Jan. 30.

The Santa Claus rally has been a gift to all major cryptocurrencies. Ethereum has risen 18 percent in the last 24 hours, according to Coinbase, while Bitcoin Cash was up 6 percent and Ripple XRP almost 6 percent.

Photo: Alaska Coast Guard