Bitcoin ($BTC), the top cryptocurrency, has achieved a new milestone in terms of price surge on Friday. The market data reveals that Bitcoin ($BTC) jumped above the $118K spot, setting an exclusive all-time high (ATH) price level. A key factor behind this development is that the investors are now following a risk-on approach, fueling the wider upward market trajectory.
Bitcoin Spikes above $118, setting an Exclusive ATH While Investors Show Huge Confidence
In line with the market data, the price of $BTC has spiked to $118,856.47, contributing to the broader market rally to a significant level. In a crucial development behind this upsurge, the institutional investors have made massive investments, showing great confidence in the top crypto asset’s future progress.
As a result of this, Bitcoin has displayed a notable upswing, raising speculation for further increases. At the moment, Bitcoin ($BTC) is changing hands at $117,520.17. This indicates a 0.25% upsurge over the past twenty-four hours. Simultaneously, the market capitalization of Bitcoin now stands at $2.33T, presenting a 0.3% rise. However, Bitcoin’s 24-hour volume is slightly down at $78.76B, signifying a 23.17% dip.
$BTC Bull Rally Pushes $ETH to $3,000
Bitcoin’s price jump also positively impacted the price of Ethereum ($ETH) as it attained the $3,000 mark. Hence, the flagship altcoin also highlights the rising optimism about its movement toward the all-time high of $4,891.70. Currently, it is trading at $2,952.31, expressing a 1.29% price decrease over the past 24 hours.
Keeping this in view, after setting $118K as its latest ATH, Bitcoin ($BTC) is anticipated to soon surpass the psychological level of $120K. In this respect, if the institutional capital keeps flowing into the top products like ETFs and derivatives, it could further boost Bitcoin’s market momentum. In the meantime, the market onlookers are focused on identifying the noteworthy catalysts that could favor price upturn.
