Bitcoin surged to an intraday high of $99,434 on Coinbase, moving closer to the long-awaited $100,000 mark. The rally marks the strongest price level for the digital asset since February 21.
The most recent price surge occurred after massive institutional purchases, particularly of BlackRock’s iShares Bitcoin Trust ETF (IBIT). The fund had 17 consecutive days of positive flows, attracting more than $5 billion in new capital in a matter of weeks.
This spike in investment seems more due to the institutional players than the retail traders. According to Google Trends data, search activity for Bitcoin is still low, meaning that retail investors have not returned to the market in large numbers.
Bitwise CEO Hunter Horsley recently highlighted this chasm by stating that Bitcoin’s price is rising despite being ignored by the average trader. The trend shows increased confidence by the larger financial players who are not hesitating to support Bitcoin as a viable asset.
This week, Brown University was the first Ivy League school to announce a position in IBIT. This development further highlights the shift of institutions within the crypto investment domain.
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Source: Tradingview
States Back Bitcoin as Market Cap Nears $2 Trillion
Bitcoin dominance is rising sharply, approaching the 70 percent threshold. The blemished performance of other digital assets confirms that most new capital only targets Bitcoin.
The flagship cryptocurrency’s market capitalization is also creeping towards the $2 trillion mark and is almost in a position to overtake tech giant Amazon. This milestone should note the presence of a global financial system with Bitcoin prominence.
Besides, two U.S. states (New Hampshire and Arizona) passed the Strategic Bitcoin Reserve bills into law. These policies seek to integrate Bitcoin into state-level financial plans, and according to reports, other states are doing the same.
As reported, with over $5 billion in recent inflows and increasing institutional support, Bitcoin is now at the threshold of reaching $100,000. If the current momentum holds, a breakout past that key level may be imminent around the corner.
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