Bitcoin, the leading cryptocurrency by market cap, surged to a new record high of $111,888 on the Bitstamp exchange earlier today.
The leading cryptocurrency is now up by more than 8% over the past 24 hours.
Bitcoin's market cap is now approaching $2.2 trillion, surpassing Amazon.
Muted rally
Still, the most recent rally has been described as "muted." Analyst Conor Grogan has noted that this is the least amount of daily Bitcoin volume that has been recorded across exchanges during all-time peaks.
Various metrics, such as Google search volume and daily exchange volume, show that retail investors are yet to join the party.
Massive ETF inflows
Meanwhile, Bitcoin exchange-traded funds (ETFs) recorded $614 million worth of inflows on Wednesday, expanding their extremely impressive streak. It is certainly safe to assume that these inflows are the reason behind the recent price rally that eventually pushed Bitcoin to new record peaks.
Many analysts believe that the leading cryptocurrency is likely to see more institutional demand amid the ongoing rally.
As reported by U.Today, BlackRock's IBIT has now entered the top five U.S. ETFs by inflows.
Vladislav Sopov
U.Today Editorial Team