Bitcoin surpassed $120,000 and reached nearly $123,000, marking its all-time high. The cryptocurrency gained about 3% daily and over 12% weekly. Following previous highs, Bitcoin’s surge is fueled by increased demand from institutional investors utilizing digital asset products from major Wall Street firms, with crypto ETFs receiving over $3.7 billion in inflows last week. Ethereum also experienced growth, rising nearly 3% to exceed $3,000. However, the overall market cap of digital assets decreased by 0.5%. Factors such as Federal Reserve signals and positive political developments in Congress contributed to this demand.
Bitcoin rocketed past $120,000 for the first time in history to notch a new all-time high of nearly $123,000 early Monday morning.
Bitcoin's jump in price comes a amid a glut of demand from institutional investors, who are more likely to invest in crypto through digital asset products offered by established Wall Street firms.
James Butterfill attributed the booming demand for Bitcoin to political developments and signals from the Federal Reserve.
The total market capitalization of all digital assets was down 0.5% day-over-day to about $3.87 trillion.
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