Bitcoin (BTC) has crossed the $94,000 mark, according to CoinDesk's Market Monitoring tool. As of 12:17 UTC on November 7, 2021, BTC is trading at $94,001.04 on the Binance USDT market. This is a new all-time high for BTC, which has been on a tear in recent weeks. The cryptocurrency has gained more than 20% in the past month alone. There are a number of factors that are contributing to BTC's rally, including: Institutional adoption: More and more institutional investors are adding BTC to their portfolios, seeing it as a hedge against inflation and a store of value. Retail FOMO: Retail investors are also piling into BTC, fearing that they will miss out on the rally. * Scarcity: BTC has a limited supply of 21 million coins, which makes it a scarce asset. It is unclear how high BTC will go, but the rally is likely to continue in the short term. ```

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