Bitcoin ($BTC) has suddenly skyrocketed to its new all-time high after a notable increase over the recent hours. As per the exclusive market data, Bitcoin ($BTC) has successfully touched the $118,670 mark, setting a new ATH while the wider market is experiencing significant growth. This remarkable price jump underscores a macro shift in the overall market behavior as the institutional players are taking the lead.
Bitcoin Surges to $118,357 as New ATH
Following a surge to the latest ATH of $118,670K, Bitcoin ($BTC) is now trading at $118,660.09. This price level denotes a 6.06% increase over the past 24 hours. At the same time, the market capitalization of the flagship crypto coin has surged by 6.09% to reach $2.34T. Additionally, the 24-hour volume of Bitcoin now accounts for $108.94 billion after an 89.08% upsurge.
Parallel to this stunning 1-day performance of Bitcoin ($BTC), its weekly performance is also attention-grabbing. In this respect, Bitcoin has recorded an 8.36% increase. Along with that, the 1-month performance of the top cryptocurrency presents a 7.91% price upsurge. As a result of this remarkable price growth, the broader crypto market has experienced substantial activity levels.
Institutional Interest Drives $BTC Bull Rally as ETFs Record $50 billion in Inflows
In this respect, the growing institutional interest has emerged as a catalyst, driving the wider crypto market shift. Specifically, the top institutional players seem to be backing the rally as the net inflows into Bitcoin ($BTC) ETFs have recorded the inclusion of more than $50B since July’s start. Additionally, the realized capitalization of Bitcoin has touched the $4.4B mark, indicating robust conviction-led buyouts and long-term holders’ influx. Moreover, the latest price rally of Bitcoin has led to liquidations of $1.13 billion over 24 hours, displaying exclusion of $1 billion from short positions.
Ethereum ($ETH) Reclaims $3,000 Mark, Taking Leading Position in Ongoing Bull Run
Apart from that, Ethereum ($ETH) has also entered this wide-scale market rally, reclaiming the $3,000 mark. This highlights an 8.1% rally over twenty-four hours. Simultaneously, its market cap stands at $363.19B while 24-hour trading volume has soared by 34.86% to touch $38.38B. In this way, Ethereum is clearly leading the ongoing crypto market rally.
Binance CEO Expresses Optimism on Bitcoin’s Jump to New ATH
While commenting on the historic milestone of Bitcoin ($BTC), Richard Teng (the CEO of Binance) has also expressed enthusiasm. The executive asserted that Bitcoin’s jump to a new ATH appears as a testament to the top crypto asset’s growing adoption and enduring resilience.
Overall, this momentum denotes the start of an exclusive market cycle. In this respect, amid the accelerating institutional inflows, $BTC and $ETH are now the frontrunners of the shifting crypto narrative.
