Strong institutional inflows and confidence about U.S. President Donald Trump’s crypto-friendly policies propelled Bitcoin to a new all-time high of $116,893 in early trading on Friday. The biggest cryptocurrency in the world has now increased by over 25% so far this year and by 102% in the last 12 months.
After reaching a five-month high of $2,995, Ether, the second-largest cryptocurrency, also increased by more than 7% to trade close to $2,965. Dogecoin (+10%), Cardano (+10.5%), Solana (+4.6%), XRP (+6%), and Hedera (+12.2%) were among the other prominent cryptocurrencies that joined the surge.
Himanshu Maradiya, the founder and chairman of CIFDAQ, stated, “Bitcoin surged past $116,000, setting a new all-time high as bullish momentum returned following recent consolidation.” “Institutional demand is still a significant factor; to date, net inflows into U.S. Bitcoin ETFs have exceeded $50 billion. BlackRock alone has more than $65 billion worth of Bitcoin.
Macroeconomic factors including a declining dollar, an increase in demand for treasuries, and growing interest in Bitcoin as a hedge against sovereign credit risk have also helped to boost investor confidence. Bitcoin’s growing popularity as a mainstream asset is further demonstrated by Coinbase’s inclusion in the S&P 500.
