Bitcoin (CRYPTO: BTC) has surged beyond the $105,000 mark, setting off a $250 billion rally in the wider cryptocurrency market.
On Sunday, Bitcoin’s climb to $105,424.45 has pushed its market value over $2.05 trillion and significantly lifted altcoin prices.
According to reports, this surge follows a mix of inflation data, increased confidence regarding interest rate cuts, and significant fund inflows from both retail and institutional investors.
The rise in Bitcoin’s price, a 37.5% increase from its April low of less than $75,000, is propelled by a combination of strong technical breakouts and positive macro conditions.
Open interest in Bitcoin futures has reached a record high of over $36 billion, indicating growing trader conviction.
The broader crypto market is benefiting from Bitcoin’s surge, with total capitalization exceeding $2.65 trillion--an increase of over $250 billion in just five trading days.
Bitcoin’s dominance is now over 53.2%, its highest in more than three years, as capital continues to shift into large-cap digital assets amid increasing regulatory clarity in major markets.
Also Read: Decade-Old Bitcoin Whale Emerges, Transfers $207.51 Million BTC With Nearly 112,000% Profit
Several macroeconomic and market catalysts are contributing to Bitcoin's parabolic move. These converging factors seem to have set the stage for Bitcoin's current breakout and may continue to support price appreciation in the short to medium term.
While Bitcoin is grabbing headlines, altcoins are also making a comeback. Ethereum (CRYPTO: ETH) jumped 12% in 24 hours, breaking over important resistance at $6,000.
Analysts monitoring the $110,000–$115,000 area as the next main obstacle believe Bitcoin's breach over $105K could pave the way for more upside.
The present increase could still have legs given ETF inflows ongoing and macro conditions staying good; particularly, if Ethereum ETFs become popular in the next weeks.
Read Next
Robert Kiyosaki Predicts Bitcoin To Reach $250,000: ‘Buy More. Do Not Sell.’
Image: Shutterstock
