New Delhi, July 14 (IANS) Leading cryptocurrency Bitcoin surged past the $1, 21, 000 milestone for the first time on Monday. According to data from CoinMarketCap, the cryptocurrency went up 2.75 per cent at $1, 21, 097.94 in early trade.
Market capitalisation of Bitcoin reached at $2.41 trillion, up 2.85 per cent, with trading volumes at $60.69 billion, up 33.12 per cent, the data showed.
This year alone, the cryptocurrency has surged more than 29 per cent, according to reports.
Ethereum, the second largest cryptocurrency, jumped 3.28 per cent to $3, 054.96, with market cap at $368.77 billion and trade volume at $21.62 billion, CoinMarketCap data showed.
According to market watchers, Bitcoin’s surge is driven by longer-term institutional buyers and this will propel it to $125, 000 in the next month or two.
“Institutional demand remains a major driver, with US Bitcoin ETFs surpassing $50 billion in net inflows to date. BlackRock alone holds over $65 billion in BTC, while corporate treasuries continue to accumulate, ” said Himanshu Maradiya, Founder and Chairman, CIFDAQ.
Optimism is also fuelled by the US President Donald Trump administration’s pro-crypto stance pushing for a Strategic Bitcoin Reserve and easing ETF approval norms.
“Macroeconomic shifts like a weaker dollar, rising treasury demand, and sovereign credit downgrades are further positioning BTC as a hedge. With regulatory clarity improving and Coinbase entering the S&P 500, Bitcoin’s case as a mainstream asset has never looked stronger, ” he added.
Importantly, this rally is not purely retail-driven. It reflects the increasing role of virtual digital assets in diversified investment portfolios and a growing recognition of the value of Bitcoin.
“Momentum is also being supported by advancements in tokenization, clearer regulatory frameworks, and the expanding adoption of Web3 infrastructure, ” said Kushal Manupati, Regional Growth and Ops Lead of South Asia at Binance.
The US House of Representatives is slated to start deliberations on a series of crypto bills on Monday, aimed at providing a clearer regulatory framework for the industry.