A new all-time high has been reached by Bitcoin.A new record high of $111,888 was reached by Bitcoin, the top cryptocurrency by market capitalization, on the Bitstamp exchange earlier today.
An increase of over 8% in the past 24 hours has been recorded by the leading cryptocurrency.Bitcoin’s market capitalization has been pushed close to $2.2 trillion, allowing it to overtake Amazon in overall valuation.
Bitcoin Hits Record High Amid Surprisingly Muted Rally
Despite the surge, the latest rally has been characterized as muted. According to analyst Conor Grogan, the lowest daily Bitcoin trading volume across exchanges has been recorded during this all-time high.
Multiple indicators, including Google Trends data and daily trading activity on exchanges, have suggested that participation from retail investors has not yet been observed in the current rally.
ETF Surge Drives Bitcoin Rally
On Wednesday, Bitcoin exchange-traded funds (ETFs) saw inflows totaling $614 million, continuing a notably strong trend.
These substantial investments are widely believed to have played a pivotal role in driving Bitcoin’s price to its recent all-time highs.
It is widely anticipated by numerous analysts that the ongoing rally will attract increased institutional interest in the leading cryptocurrency.
BlackRock’s IBIT has been placed among the top five U.S. ETFs in terms of capital inflows.
