Update March 1: Bitcoin is again reaching records high. It is trading above $1,218 Wednesday afternoon GMT.

Bitcoin soared to record highs on Friday, eclipsing the $1,200 mark for the first time. The popular cryptocurrency has since fallen back in the $1100s.

On Friday, bitcoin climbed as high as $1,206.60, according to a Market Watch report. Entering the day, bitcoin’s previous record high was $1,165.89, which occurred in Nov. 2013.

The price of bitcoin has dipped on Saturday. As of Saturday night GMT, it is trading around $1,150.

A recent bitcoin rally was widely seen as being fuelled by speculation on an upcoming move by the United States Securities and Exchange Commission (SEC). The SEC is due to rule by March 11 on the proposed creation of the first bitcoin-focused exchange-traded fund (ETF). An ETF is a fund that tracks an index, commodity, bonds or a basket of assets and is traded on a stock exchange.

Bitcoin’s recent rise suggests many speculators are betting the SEC will authorize the creation of the bitcoin-focused ETF.

However, Spencer Bogart, a former bitcoin analyst at Wall Street firm Needham & Co., puts the odds at less than 25 percent that the SEC will approve the ETF, according to the Market Watch report. If the ETF does gain approval, though, Bogart expects a flood of money from financial institutions will pour into bitcoin, sparking a major run-up the price of the digital currency.

Though bitcoin is growing in popularity, the digital currency remains very volatile. Bitcoin’s volatility has been on display early in 2017,

On New Year’s Day, bitcoin shot above the $1,000 mark, and four days later, it came within $13 of its then-all time high. But, the price then plunged, falling nearly $200 in one hour on Jan. 5. Bitcoin’s price has ranged from about $750 to $1,200 over January and February.