Bitcoin on Friday continued its surge, as bullish momentum returned following recent consolidation on increased investor demand. The world’s largest cryptocurrency has crossed the $116,000 mark to trade at $116,277.42 on Friday morning, up 4.39% as against its price 24 hours ago.
“Bitcoin soared past $116,000, setting a new all-time high as bullish momentum returned following recent consolidation. Institutional demand remains a major driver, with US Bitcoin ETFs surpassing $50 billion in net inflows to date,” said Himanshu Maradiya, founder and chairman of CIFDAQ.
BlackRock alone holds over $65 billion in BTC, while corporate treasuries continue to accumulate. Optimism is also fuelled by the 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.
Among other cryptos, Ethereum reached $3,000 and drew bearish attention, while the XRP price is surging with considerable strength. The other altcoins are also manifesting a similar price action as the crypto markets turn green. The top gainers include Pudgy Penguins, with a 30% rise, followed by SEI with a 25% increase and Worldcoin with a 19% rise.
“With the recent rise, over $165 billion has been added to the crypto market cap, while $415 million worth of shorts have been liquidated,” CoinDCX Research Team said in a note.
Meanwhile, Bitcoin surpasses the Taiwanese & Australian dollars in market capitalization. On the other hand, Bitcoin long-term holders hit a 15-year high, now controlling over 74% of the total supply. Besides, Coinbase has partnered with Perplexity AI to deliver real-time crypto market data to traders. Robinhood officially launches ETH & SOL staking in the US.
IG analyst Tony Sycamore predicts Bitcoin to hit $120,000 soon.
“While the push to new highs hasn’t yet sparked the fireworks the market might have been hoping for, there is scope for bitcoin to make further gains towards $120,000,” Sycamore added.
Also read: Kazakhstan Plans To Establish Bitcoin And Crypto Reserve
