Bitcoin is hovering near a new all-time high, fueled by continued support from institutional investors.
As of Thursday morning, the cryptocurrency was trading at $66,366.63, just a couple of thousand dollars shy of its record high of around $69,200. This recent surge comes after Bitcoin’s value spiked by more than 50% over the last month, potentially pushing it beyond its previous record.
This meteoric rise is attributed to a significant shift in the market. The approval of several spot Bitcoin Exchange-Traded Funds (ETFs) by US regulators in January 2024 has opened the door for major investment firms like Blackrock, Fidelity, and Grayscale to enter the cryptocurrency market.
These institutions have collectively purchased hundreds of thousands of bitcoins, rapidly driving up the price. Analysts believe this influx of long-term capital from established institutions could provide greater stability compared to previous bull runs, which were primarily driven by retail investor enthusiasm.
While Bitcoin’s future trajectory remains uncertain, the involvement of institutional investors suggests a potentially more sustainable climb for the world’s leading cryptocurrency.
