Early Asian trading on Thursday saw Bitcoin soar to a record high, surpassing $124,000 and surpassing Alphabet’s market capitalization. This was due to a combination of corporate adoption, institutional demand, and pro-crypto legislation in the US, which fueled the belief that the rally still had a long way to go.
Late on Wednesday, the biggest cryptocurrency in the world momentarily hit $124,450 before retreating a little, increasing its market capitalization to $2.456 trillion, which makes it the fifth-largest asset in the world. The move highlighted the momentum that has been accumulating over the past few weeks and solidified Bitcoin’s position above the $120,000 support level.
Record inflows into US spot Bitcoin exchange-traded funds, growing balance-sheet allocations from large firms, and a number of pro-Bitcoin legislative initiatives from President Donald Trump’s administration all contributed to the price spike. Bitcoin has increased by about 31% so far this year and is up almost 60% from its April lows.The price action showed “multiple, powerful forces converging to push Bitcoin to new highs,” according to Nigel Green, the founder and CEO of the international financial advice business deVere Group.
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