Bitcoin Is Roaring and Analysts Say Altcoins Could be Next
Bitcoin#BTCBreaksATH110K surged to a fresh all-time high above $111,000 on Wednesday, as institutional inflows and macroeconomic tailwinds continued to fuel investor appetite for the world’s largest crypto.
The rally, which has seen Bitcoin gain more than 18% since the start of May, was underpinned by steady demand for U.S.-listed spot Bitcoin exchange-traded funds.
Net inflows into the products have surpassed $2.8 billion this month, lifting total ETF holdings to over $122 billion, according to eToro Australia analyst Reece Hobson.
“Bitcoin’s surge to an all-time high of $111,000 stems from multiple catalysts,” Hobson told Decrypt. “Institutional inflows, particularly through U.S. spot bitcoin ETFs, have pumped billions into the market, while the April halving has tightened supply.