#BTCHashratePeak #BTCReclaims120K #ETH4500Next?
Bitcoin rose above $122,000, just 1% shy of its all-time high, following the executive order issued by the White House last week to support cryptocurrencies and three strong days of Bitcoin ETF inflows.
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The price of Bitcoin jumped to over $122,000 on Monday, benefiting from the momentum generated by a bullish executive order in Washington and three consecutive days of Bitcoin ETF inflows over the weekend.
Henrik Anderson, Chief Investment Officer at Apollo Crypto, stated that this move was overdue after a month of consolidations.
In our view, its collapse was a matter of time. During this period, we witnessed positive inflows from ETFs, increased treasury company investments in Bitcoin, and a number of positive developments emanating from the White House.
Bitcoin rose more than 3.3% to $122,150 in the early hours of Monday morning, bringing it close to its all-time high of $123,000, according to TradingView data.
Bitcoin
$121,126
Anderson told Cointelegraph: "Bitcoin has remained stuck in a low volatility range between $115,000 and $120,000 despite all the good news."
While there does not seem to be a clear catalyst behind Bitcoin's sudden two-hour surge, the executive order issued by U.S. President Donald Trump allowing the use of cryptocurrencies in 401(k) retirement plans provided a strong boost to the industry.
This is significant as it could open the floodgates for another $9 trillion in funds to Bitcoin and the broader crypto industry.
There are also more Bitcoin purchases on the horizon. Michael Saylor hinted on Sunday in a post on X that Strategy will add more Bitcoin to its $76.8 billion stockpile, stating, "If you don’t stop buying Bitcoin, you won’t stop making profits."
Data from Farside Investors showed that ETF issuers also received a total of $773 million in Bitcoin to close out the last three trading days of last week.
The Bitcoin market sentiment was not exaggerated
Despite the rise, the Crypto Fear and Greed Index remains in the 'Greed' zone at 70 out of 100, indicating that social market sentiment is not excessive at this time.
While Bitcoin was still trading below $120,000 when the score was updated on Monday, it recorded a slight increase of just one point from Sunday.
Crypto Fear and Greed Index. Source: Alternative.me
Related: Michael Saylor is not afraid of the rise of private treasury companies in Ethereum
Meanwhile, the search rate for Bitcoin on Google only increased slightly over the past week, scoring 48 out of 100 points, compared to its highest level over the past twelve months. This occurred between November 10 and 16, a week after Trump's victory in the U.S. elections.
BTC and ETH drive the cryptocurrency market to new record levels
The rise of Bitcoin above $122,000 also helped to close the distance lost to Ether recently, which increased by 1.8% over the past 24 hours compared to 3.3% for Bitcoin.
Ethereum
$4,225
TradingView data showed that the value of ETH nearly tripled from $1,435 on April 9 to $4,315 at the time of this report.
CoinGecko data showed that the price rises of BTC and ETH also pushed the total market capitalization of cryptocurrencies to $4.14 trillion on Monday, marking a new record level.
