Bitcoin (BTC) has surged to a new all-time high, propelled by strong bullish momentum, sustained institutional interest, and burgeoning demand for approved spot exchange-traded funds (ETFs).
The cryptocurrency decisively broke through the significant resistance barrier at $112,000, climbing to an intraday high of $113,833. This robust performance signals a potential end to the recent period of consolidation that saw prices largely confined between $106,000 and $110,000. Market analysts suggest the breakout opens the path towards potential targets nearing $120,000.
Market sentiment leans heavily towards Bitcoin, as reflected in its significantly increased dominance index. Bitcoin’s market cap dominance has climbed to 64%, attaining a multi-year peak that underscores strong investor confidence in the flagship digital asset relative to the broader cryptocurrency market.
A key driver of this sustained upward trajectory is the substantial and growing demand for approved Bitcoin ETFs. These regulated vehicles are proving instrumental in providing institutional investors a familiar and compliant avenue for Bitcoin exposure, thereby considerably enhancing market liquidity and depth.
While analyst attention currently focuses on Bitcoin’s strength, attention is shifting towards altcoins. Market observers anticipate a potential sector rotation favoring select altcoins in the coming weeks. However, the broader altcoin market remains sensitive to macroeconomic headwinds, particularly shifts in Federal Reserve monetary policy.
Corporate adoption of Bitcoin continues its expansion beyond early pioneers. Notable companies, including Oslo-based investment firm Aker ASA and online video platform Rumble, are reportedly actively considering adding Bitcoin to their corporate treasury holdings.