Bitcoin, the leading cryptocurrency, has surged to an intraday high of $99,434 in the Coinbase exchange.
The flagship coin has reached its highest level since February 21st and is currently within an impressive distance of hitting the $100,000 level for the first time since February 7th.
The recent bullish momentum comes after BlackRock’s Ishares Bitcoin Trust ETF (IBIT) recorded 17 consecutive days of influx. The product has raised $5 billion in fresh money within just a few weeks, indicating robust institutional demand. As Reported by U.TodayBrown University became the first Ivy League school to disclose its position at IBIT last week.
Bitise CEO Hunter Horsley points out that despite recent price rallies, Bitcoin has attracted most of Google’s search interest. This means retail investors remain on the sidelines of a continuous price surge.
The lack of retail demand can also be confirmed by the anemia performance of alternative cryptocurrencies. As reported by U.Today, Bitcoin’s advantage has reached a new multi-year peak, steadily approaching the 70% level. The market capitalization of cryptocurrencies is currently at the forefront of $2 trillion.
Earlier this week, two states (New Hampshire and Arizona) signed the Strategic Bitcoin Reserve Bill (SBR). Many other US states are considering similar legislation.
It remains to be seen whether this bullish momentum will be enough to push Bitcoin to a new record later this month despite lukewarm retail demand. The previous cryptocurrency reached its current peak of $108,786 on January 20th.
