Bitcoin continued its historic ascent today, surging past $117,000 and even touching $118,000 early on Friday, July 11, setting a fresh all-time high.
This latest milestone extends a remarkable rally that has seen the world's largest cryptocurrency consistently break records throughout the week, previously surpassing the $111,000 and $113,000 marks.
The unprecedented surge is attributed to a confluence of factors fueling strong bullish sentiment in the crypto market. A primary driver appears to be the robust institutional demand, particularly the significant inflows of capital into spot Bitcoin Exchange-Traded Funds (ETFs) in major global markets.
These investment vehicles have made it easier for traditional financial institutions and investors to gain exposure to Bitcoin, legitimizing it further as an asset class.
Loading...
Adding to the positive sentiment are recent favorable policy signals, notably a perceived pro-crypto stance from the current US administration. Regulatory developments, such as ongoing discussions and legislative efforts like the GENIUS Act concerning stablecoins, are contributing to increased investor confidence and a more predictable regulatory environment for digital assets.
RELATED NEWS: PDIC Doubles Deposit Insurance Coverage to PHP1 Million
Bitcoin's rally also appears to be correlated with broader market trends, including the strong performance of tech stocks – exemplified by companies like Nvidia reaching a staggering $4 trillion valuation. This indicates a rising risk appetite among investors, who are increasingly comfortable allocating capital to growth-oriented and innovative assets.
Furthermore, Bitcoin's inherent fixed supply cap positions it as a potential hedge against inflation amidst ongoing global economic uncertainties. Its scarcity, combined with growing demand, continues to underpin its long-term value proposition.
As Bitcoin continues its record-breaking run, analysts are closely watching market dynamics to see if this momentum will push the cryptocurrency even higher in the coming weeks.
No comments
Let us know your thoughts!