Bitcoin’s price surged past $122,000, reaching $122,150 and placing it within 1% of its all-time high of $123,000.
This significant rally is primarily attributed to a major pro-cryptocurrency executive order and substantial institutional capital flowing into Bitcoin exchange-traded funds (ETFs). The combined ETF purchases totaled $773 million, significantly boosting market sentiment.
Analysts suggest the executive order could unlock substantial institutional participation, with potential to channel up to $9 trillion in investments into the cryptocurrency market.
The total cryptocurrency market capitalization hit a record high of $4.14 trillion amid Bitcoin’s ascent.
Market sentiment, as measured by the Crypto Fear & Greed Index, held steady at 70, remaining firmly in the ‘Greed’ territory but indicating sentiment has not yet become overheated.
Ethereum (ETH) also saw gains, rising 1.8% over the last 24 hours, contributing to the overall positive momentum in the broader digital asset market.