|
|
by IANS |
New Delhi, July 14 (IANS) Leading cryptocurrency Bitcoin surged past the $1,21,000 milestone for the first time on Monday. According to data from CoinMarketCap, the cryptocurrency went up 2.75 per cent at $1,21,097.94 in early trade.
Market capitalisation of Bitcoin reached at $2.41 trillion, up 2.85 per cent, with trading volumes at $60.69 billion, up 33.12 per cent, the data showed.
This year alone, the cryptocurrency has surged more than 29 per cent, according to reports.
Ethereum, the second largest cryptocurrency, jumped 3.28 per cent to $3,054.96, with market cap at $368.77 billion and trade volume at $21.62 billion, CoinMarketCap data showed.
According to market watchers, Bitcoin’s surge is driven by longer-term institutional buyers and this will propel it to $125,000 in the next month or two.
“Institutional demand remains a major driver, with US Bitcoin ETFs surpassing $50 billion in net inflows to date. BlackRock alone holds over $65 billion in BTC, while corporate treasuries continue to accumulate,” said Himanshu Maradiya, Founder and Chairman, CIFDAQ.
Optimism is also fuelled by the US President Donald Trump administration’s pro-crypto stance pushing for a Strategic Bitcoin Reserve and easing ETF approval norms.
“Macroeconomic shifts like a weaker dollar, rising treasury demand, and sovereign credit downgrades are further positioning BTC as a hedge. With regulatory clarity improving and Coinbase entering the S&P 500, Bitcoin’s case as a mainstream asset has never looked stronger,” he added.
Importantly, this rally is not purely retail-driven. It reflects the increasing role of virtual digital assets in diversified investment portfolios and a growing recognition of the value of Bitcoin.
“Momentum is also being supported by advancements in tokenization, clearer regulatory frameworks, and the expanding adoption of Web3 infrastructure,” said Kushal Manupati, Regional Growth and Ops Lead of South Asia at Binance.
The US House of Representatives is slated to start deliberations on a series of crypto bills on Monday, aimed at providing a clearer regulatory framework for the industry.
Latest News