37% surge in a month! Bitcoin surpasses $100,000 once again
What's the story
Bitcoin has crossed the psychological barrier of $100,000 on the back of a wave of global trade optimism and growing institutional adoption.
The cryptocurrency's price jumped 4% in the past 24 hours, trading at around $102,900, as per CoinMarketCap.
In the last five days, Bitcoin's price has increased nearly 9%, while its value skyrocketed a whopping 37% in just a month.
Market position
Bitcoin's market cap surpasses $2 trillion
With its market cap going over $2 trillion, Bitcoin has now become the world's fifth-largest asset, even beating Amazon.
CoinSwitch co-founder Ashish Singhal credited this strong recovery to a global convergence of policy shifts and institutional confidence.
He also noted that macroeconomic tailwinds have greatly benefited Bitcoin as a digital risk asset.
Adoption
Institutional adoption and US government's strategic reserve
Singhal further stressed that institutional adoption via Bitcoin ETFs has brought unprecedented credibility and demand to the ecosystem.
He highlighted the importance of the US government's decision to create a Strategic Bitcoin Reserve earlier this year, considering it a historic sign of digital assets being adopted at a sovereign level.
CIFDAQ founder and Chairman Himanshu Maradiya thinks this surge marks the second leg of a wider bullish rally.
Altcoin surge
Altcoins also experience significant price increases
Along with Bitcoin, other cryptos have also witnessed massive price surges. Ethereum has jumped over 20% to rise above the key resistance level of $2,200.
Solana has breached the $160 mark, according to CoinDCX data.
Other top 10 tokens have also jumped significantly with Vittuals Protocol leading the top gainers list with over 40% jump followed by Brett (37%), Pepe (30%), Story (27.5%), and Uniswap, OFFICIAL TRUMP & Ethena which rose over 25%.