On Monday, the price of Bitcoin rose to a new record high of almost $123,000. It is now very close to the next important threshold of $125,000.
Ethereum stays over $3,000 thanks to strong demand from both institutional and individual investors.
XRP has risen 55% from its lows in June, which makes people more willing to take risks at the important $3.00 mark.
Bitcoin (BTC) set fresh record highs over $123,000 on Monday, showing that the cryptocurrency industry has a lot of room to grow. The rise in the price of BTC may be linked to more interest from both institutions and individuals. This is seen by constant inflows into spot Exchange Traded Funds (ETFs) and the growth in the Open Interest (OI) of futures contracts to $85 billion.
Altcoins are also going up, with Ethereum (ETH) breaking beyond the $3,000 mark and Ripple (XRP) going up, which is very close to the important $3.00 mark.
Market overview: Bitcoin is now the fifth biggest asset in the world.
Bitcoin's rise to fresh record highs has put it on the worldwide leaderboard, making it the world's fifth-largest asset behind Amazon (AMZN), Silver (XAG), and Google (GOOG). Bitcoin has a market worth of $2.4 trillion and trades an average of $52 billion per 24 hours.
Gold (XAU) is the world's most valuable asset, with a market share of over $22.6 trillion. Chip maker Nvidia (NVDA), Microsoft (MSFT), and Apple (AAPL) are next.
Vincent Liu, the chief investment officer at Kronos Research, says that the Bitcoin rally is driven by infrastructure. He points to the growing demand for spot ETFs as an alternative asset for institutional investors, policy-driven momentum in the US, and macro liquidity, which is slowly becoming more favorable for riskier asset classes.
Data spotlight: $3.7 billion flows into digital assets every week
Last week, digital asset investment products brought in $3.7 billion, the second-highest amount ever. Every Monday, CoinShares releases a report on capital flows. The report says that assets under management (AUM) reached an all-time high of $211 billion, showing that more people are interested in Bitcoin and other crypto-related financial products.
The research says that Bitcoin had the most inflows last week, with $2.73 billion. Ethereum, on the other hand, saw a big boost in inflows, bringing the total to over $990 million.
For the first time, "assets under management" went above $200 billion, setting a new high of $211 billion. The CoinShares study says that trade volumes for Exchange Traded Products (ETP) hit $29 billion, which is double the weekly average for this year.
Notably, BTC spot ETFs saw a long rise in daily net inflow, with Friday seeing just over $1 billion come in. The BlackRock IBIT ETF had the highest net inflow volume in the US, averaging $953.5 million. SoSoValue says that the total intake thus far is $52.4 billion, and the net assets are $150.6 billion.
XRP, on the other hand, saw outflows of 104 million, which kept the AUM at $1.55 billion. Chainlink (LINK) was the only other asset that lost money last week, with $500,000 going out.
Bitcoin bulls are still in charge today
According to Binance, the price of Bitcoin continued to rise throughout the weekend and into the new week. On Monday, it reached an all-time high of almost $123,218 during the day.
At the time of writing, BTC is hanging around $122,076, which makes it appear like the easiest way to go is up. The Money Flow Index (MFI) shows that risk appetite is still high as more money pours into Bitcoin, as seen on the daily chart below.
Traders would be highly interested in finding support over $120,000 in the next few sessions and the next important level around $125,000 if the price discovery phase keeps during this week.
Even while the prognosis is positive, traders should also limit their optimistic expectations since the Relative Strength Index (RSI) has risen to overbought zone, which is presently at 78. Overbought circumstances generally come before pullbacks, which might cut into the gains before Bitcoin price continues to find its price.
Update on altcoins: Ethereum and XRP are in bullish hands.
Ethereum's price is still above the important $3,000 mark, and at the time of writing, it was trading at around $3,057. The daily chart below shows the Golden Cross pattern that formed when the 50-day Exponential Moving Average (EMA) crossed over the 200-day EMA on Thursday. This optimistic technical view might keep people feeling good about taking risks and help prices rise near the $4,000 area.
At the same time, the RSI is in overbought area, which might indicate that a trend reversal is coming, which could lead to people taking profits. It is possible that it will go below $3,000. Also, it might let traders get in at a reduced price before the next breakthrough.
It seems like bulls are in charge of XRP, which has risen more than 57% from its June low of around $1.90. At the time of writing, the cross-border money remittance token is worth $2.98, which is 5% more than it was yesterday. It is now looking forward to breaking through barrier at $3.00.
The RSI's upward advance into overbought zone shows that the market is bullish, and the MFI indicator's increase to about 92 adds to this. If the price goes beyond $3.00, the next goal is the existing record high of $3.40, which was set in January.
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