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Bitcoin (BTC), the leading digital currency, has shocked the broader cryptocurrency market with its price trajectory. Massive movements on the network have impacted prices in the last couple of hours, which might see the coin reclaim $100,000.
Massive market movement fueling Bitcoin rally
According to CoinMarketCap data, over 355,177 BTC valued at over $35 billion have hit various exchanges within 24 hours. This trading volume spiked by 17.61% to $33.55 billion within the same time frame.
Notably, Binance registered a 17% trading volume spike as market participants actively bought and sold Bitcoin. Bybit and Coinbase were other exchanges with a fair percentage of market activity. The duo recorded 7.93% and 2.99%, respectively.
Alex DovbnyaThe resultant impact is a surge in BTC’s price from a low of $96,874.82 to as high as $99,497.97. The upsurge has reignited the hopes of market participants that Bitcoin might clear the psychological resistance level of $100,000.
As of this writing, BTC was changing hands at $98,792.24 after suffering mild corrections in the market. However, investors remain optimistic that the coin could gain $1,208 and flip $100,000.
Bitcoin’s price is less than 10% from its all-time high (ATH) of $109,114.88 attained last month. Analysts believe that breaching the psychological level of $100,000 is crucial to retesting the ATH and the future growth of the coin.
Will institutional adoption spark buying frenzy?
The increased trading volume of Bitcoin by approximately 9% in the last 24 hours is attributed to several factors.
One of its triggers is the significant progress being made by some U.S. states toward setting up a Strategic Bitcoin Reserve. Notably, Utah’s Senate Revenue and Taxation Committee has moved closer to granting recognition to BTC as an official reserve asset.
The development can trigger massive competition among other states and drive institutional adoption of Bitcoin. A development that could fuel a price surge.
Furthermore, Strategy’s Chairman Michael Saylor has hinted that the company has taken $2 billion in loans to make additional Bitcoin purchases. This is another bullish sentiment in the Bitcoin market.
Dan Burgin
Vladislav Sopov