Bitcoin reached a new all-time high exceeding $117,000 early on Friday morning, fueled by increasing institutional interest and favorable indicators from the sector.
The largest cryptocurrency in the world increased by 5.5% over the last 24 hours, achieving a price of $117,176 at the time of this report, as per The Block's pricing page. Ether experienced a rise of 7.3%, trading at $2,981.
"We consider bitcoin reaching another all-time high to be a significant indication that the industry is on the verge of initiating a substantial bull run," stated Jeff Mei, COO of the crypto exchange BTSE, in an interview with The Block.
Vincent Liu, CIO of Kronos Research, remarked that more stable macroeconomic conditions and growing institutional adoption have "rekindled interest in bitcoin."