Bitcoin, the leading cryptocurrency, has seen another landmark development when it comes to price performance. In line with the market data, Bitcoin ($BTC) has surged past the $116K mark after a significant struggle. This price level indicates a 2.31% profit over the past 24 hours. Particularly, the institutional and retail investors are getting substantial interest in the top crypto asset, fueling its upward trajectory.
Bitcoin Price Hits $116,107.37, Raising Speculation of Further Spikes
With its 2.31% rise over 24 hours, Bitcoin ($BTC) has jumped above the $116,000 mark in terms of price. Specifically, the current price of the flagship crypto asset is now standing at $116,107.37. Despite a huge resistance around the $116K spot during the past few days, its final spike above that point is a notable “yes” signal to likely push toward further heights.
While the institutions and retail investors are shifting toward Bitcoin ($BTC), the community members are chatting about the potential for a continuous uptake. Hence, the ongoing transition could lead to a price rally in the near term. In the meantime, the other market fundamentals are also backing the positive momentum surrounding Bitcoin ($BTC).
Market Cap Claims $2.31T as Sentiment Strengthens
In this respect, apart from the price spike, the market capitalization of Bitcoin ($BTC) has also seen a 0.39% rise, reaching the $2.31T mark. Additionally, the 24-hour volume of the big brother in the crypto sector is now hovering around $32.24B, indicating a 4.36% increase. At the same time, $BTC’s market dominance stands at 57%.
Simultaneously, the 7-day price performance of the dominant buddy among the crypto coins displays a 4.63% jump. Keeping in view all these positive metrics, Bitcoin ($BTC) is potentially readying for a massive price action in the near future. Meanwhile, the market onlookers are keenly watching for the relevant catalyst in this respect.
Source: https://blockchainreporter.net/bitcoin-surpasses-116k-as-institutional-and-retail-interest-builds/
