4 days ago
Bitcoin hits record high of $1,21,000
New Delhi: Leadingcryptocurrency Bitcoin surged past the $1,21,000 milestone for the first time on Monday. According to data from CoinMarketCap, the cryptocurrency went up 2.75 per cent at $1,21,097.94 in early trade.
Market capitalisation (mcap) of Bitcoin reached at $2.41 trillion, up 2.85 per cent, with trading volumes at $60.69 billion, up 33.12 per cent, the data showed. This year alone, the cryptocurrency has surged more than 29 per cent, according to reports. Ethereum, the second largest cryptocurrency, jumped 3.28 per cent to $3,054.96, with market cap at $368.77 billion and trade volume at $21.62 billion, CoinMarketCap data showed.
According to market watchers, Bitcoin's surge is driven by longer-term institutional buyers and this will propel it to $125,000 in the next month or two.
'Institutional demand remains a major driver, with US Bitcoin ETFs surpassing $50 billion in net inflows to date. BlackRock alone holds over $65 billion in BTC, while corporate treasuries continue to accumulate,' said Himanshu Maradiya, Founder and Chairman, CIFDAQ.
Optimism is also fuelled by the US President Donald Trump administration's pro-crypto stance pushing for a Strategic Bitcoin Reserve and easing ETF approval norms.
'Macroeconomic shifts like a weaker dollar, rising treasury demand, and sovereign credit downgrades are further positioning BTC as a hedge. With regulatory clarity improving and Coinbase entering the S&P-500, Bitcoin's case as a mainstream asset has never looked stronger,' he added.
