Bitcoin soared to a new all-time high on Monday, surpassing $106,000 as rising institutional interest and expectations of wider adoption fueled demand for digital assets.
The world’s largest cryptocurrency peaked at $106,533 before easing slightly to trade at $104,462, marking a 3.2% increase.
Ethereum, the second-largest cryptocurrency, also gained 1.5% to reach $3,965, according to News.az, citing Reuters.
Tony Sycamore, an analyst at IG, highlighted the optimistic outlook in the Bitcoin market, stating, “The environment is highly positive for Bitcoin. We expect the market to move toward the $110,000 level. The much-anticipated pullback hasn’t materialized, thanks to the recent positive news.”
Investor sentiment received a boost after MicroStrategy, which is heavily invested in Bitcoin, was added to the Nasdaq 100 technology index. The inclusion is expected to attract more institutional investments into the firm, further solidifying Bitcoin’s role in corporate treasury strategies.
Additionally, speculation that the upcoming U.S. administration might adopt more crypto-friendly policies has strengthened investor confidence, pushing Bitcoin and other digital assets into the spotlight. Bitcoin’s price has surged an impressive 192% so far this year.
On another note, global governments collectively hold approximately 2.2% of Bitcoin’s total supply as of July, according to CoinGecko. The United States leads the pack with around 200,000 Bitcoin, valued at over $20 billion at current market prices.
Other notable holders include China, the United Kingdom, Bhutan, and El Salvador, as reported by Bitcoin Treasuries.
Meanwhile, several countries are exploring the idea of establishing strategic reserves of digital currencies, signaling a shift in how nations view cryptocurrencies as part of their financial ecosystems.
