Bitcoin $BTC has achieved a significant rise, making it the seventh largest cryptocurrency in the world in terms of market value.
(surpassing Saudi Aramco)
Bitcoin's dominance of the cryptocurrency market reached a record high of 61.38% as its price exceeded $93,000 on Wednesday.
Part of this momentum is due to the US President-elect's support for cryptocurrencies during his election campaign, along with Republican control of the House of Representatives.
Which increases expectations of the enactment of laws supporting the digital currency market in the United States of America and the world.
The surge was driven by massive inflows into U.S.-based exchange-traded funds (ETFs). In the past six days, Bitcoin ETFs have seen net inflows of $4.7 billion, with $510.1 million on Wednesday alone, bringing the total year-to-date inflows to $28.2 billion.
Market analysis suggests that the growing demand for Bitcoin is largely driven by exchange-traded funds (ETFs), according to analyst Checkmate. These funds are the main driver of the increased demand for Bitcoin as they capture most of the selling from investors.