Bitcoin has surged to nearly $100,000, largely due to strong institutional demand from BlackRock’s Bitcoin ETF. Despite this momentum, retail interest remains low, with Bitcoin dominance nearing 70% and its market cap close to $2 trillion. Recent legislative support from two states may further influence the market as Bitcoin eyes new highs this month.
Bitcoin, the dominant cryptocurrency, is poised for a significant milestone as it recently surged to an impressive intraday high of $99,434 on Coinbase. This marks its highest value since February 21, and it’s tantalisingly close to breaching the $100,000 threshold for the first time since February 7.
The recent spike in Bitcoin’s value is largely attributed to BlackRock’s iShares Bitcoin Trust ETF (IBIT), which has enjoyed 17 straight days of inflows—bringing in an astounding $5 billion in just a few weeks. This influx signals a strong demand from institutional investors, notable considering the traditionally cautious nature of such entities. Interestingly, as reported by U.Today, Brown University recently became the first Ivy League institution to reveal an IBIT position, further emphasising the growing acceptance of crypto in mainstream finance.
Despite this bullish activity, Bitwise CEO Hunter Horsley pointed out that Bitcoin is lacking in Google search interest. This suggests that retail investors, at least for now, are sitting on the sidelines instead of jumping into the market during this price upswing. Such behaviour reflects in the performance of alternative cryptocurrencies, which remain sluggish. Bitcoin dominance is nearing multi-year highs, approaching the critical 70% mark, highlighting its strength in the market.
Meanwhile, Bitcoin’s market cap is flirting with the $2 trillion mark, almost surpassing retail giant Amazon, which would be a remarkable feat in the cryptocurrency arena. On the legislative front, both New Hampshire and Arizona have recently enacted strategic Bitcoin reserve bills into law, with numerous other states looking to follow suit; the regulatory landscape is shifting in favour of adoption.
Looking ahead, it’s unclear if this strong momentum will push Bitcoin to achieve a new all-time high later this month, especially as retail interest continues to wane. For context, Bitcoin’s peak remains at $108,786 from January 20, and achieving new heights will require sustained engagement from all market participants, not just institutions. The coming weeks will surely be pivotal in determining where Bitcoin heads next.
