Bitcoin surges to $111K amid unusual market dynamics

Date:

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.

Marton K.
Marton K.https://thecoingraph.com
Marton is seasoned crypto and finance journalist with over four years of experience. He has contributed to several high-profile outlets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Norway considers Crypto Mining ban despite surge in local Bitcoin investments

Norwegian companies have significantly increased their Bitcoin holdings, creating...

Coinbase obtains MiCA license and launches european headquarters in luxembourg

Coinbase officially obtained the MiCA license in Luxembourg, gaining...

Solana reports 3,200 active developers, surpasses $1B in app revenue for second consecutive quarter

Solana (SOL) has continued to experience high levels of...

Hedge fund execs voice concerns over Bitcoin’s future in post-Trump Era: Eric Semler

Eric Semler embraces his role as the “lone voice...