Bitcoin reached a new all-time high of $111,000 on BTC Pizza Day; what factors are driving this cryptocurrency's surge?
The record-breaking surge in Bitcoin's price was concurrent with Bitcoin Pizza Day, a significant event in Bitcoin's history.
Bitcoin, a leading cryptocurrency, has achieved a new all-time high, exceeding $110,000 (Rs 94,79,872.28), following a 3% increase over the past 24 hours. This significant rise is attributed to substantial ETF inflows and positive regulatory developments, occurring against a backdrop of increasing macroeconomic volatility.
CoinMarketCap data indicates a 4% increase in Bitcoin's price over the past 24 hours, reaching a trading price of $111,489. Concurrently, trading volume exhibited a 77% surge, resulting in a market capitalization of $2.21 trillion.
“Bitcoin officially entered uncharted territory, breaking past its previous all-time high and is currently trading above $110,000," said Ashish Singhal, Co-founder of CoinSwitch. “This isn’t just a milestone for the market—it’s a reflection of how the global perception of digital assets is fundamentally evolving."
He indicated that this rally is driven by factors beyond market momentum alone; it is underpinned by sustained inflows into spot Bitcoin ETFs, enhanced macroeconomic visibility, supportive regulatory developments such as the recent Genius Act, and increasing recognition of Bitcoin's legitimacy, including at the sovereign level.
Edul Patel, Mudrex Co-founder and CEO, stated that the recently approved Stablecoin Bill and relaxed trade restrictions have demonstrably enhanced investor confidence, contributing to Bitcoin's achievement of a new all-time high only four months after the previous January high.
Institutional investment demand remains robust, evidenced by spot ETF inflows totaling $2.2 billion over the past 10 trading sessions. Moreover, CryptoQuant data indicates a consistent resurgence of retail investor participation, with smaller wallets re-entering the market, thereby injecting fresh liquidity and signifying increased market confidence.
