Bitcoin price hit a historical high tonight, climbing to $95,000 for the first time ever.
According to Coinbase data from TradingView, the world’s most famous digital currency has been enjoying a very impressive upward trend in recent weeks, rising to $95,000.20.
The cryptocurrency has recently set a series of new records as it benefits from very strong momentum and widespread bullish factors.
Several analysts commented on the recent strength of the digital asset and the factors contributing to its aggressive gains.
“It seems that Bitcoin sets a new historical high almost every day!” said a TikTok influencer named Wendy O in an email comment.
“Rumors suggest that the latest push for Bitcoin may be due to 1) Bitcoin ETFs recording over $1 billion in inflows within 48 hours, with ARK's ARKB leading with $267.3 million in inflows, and 2) the launch of BlackRock's Bitcoin ETF options, which traded $1.9 billion on the first day!”
The market observer highlighted the strong inflows into Bitcoin exchange-traded funds and the significant interest in options contracts based on BlackRock's iShares Bitcoin Trust ETF, which trades under the ticker IBIT.
Interestingly, according to data provided by CryptoQuant analyst Julio Moreno via Telegram chat, the total amount of Bitcoin held by US Bitcoin ETFs recently exceeded 1 million units.
The chart below illustrates this milestone:
“A perfect storm”
An analyst emphasized how strong the current demand for Bitcoin is, as this digital currency benefits from a very compelling combination of bullish factors.
“Bitcoin rising to $95,000 feels like humanity has finally boarded the lifeboat while the Titanic of the traditional financial system sails in the water,” said Cory Klippsten, CEO of Swan Bitcoin, in an email comment.
“Ongoing inflation, instability of fiat currencies, and a lack of trust in central banks are driving individuals and institutions to use Bitcoin as the ultimate store of value,” he added.
“Today's surge may stem from a perfect storm: rising demand, supply constraints, and steadfast belief from long-term holders.”
Bright prospects
A market observer discussed how bright the future for Bitcoin seems.
George Kailas, CEO of Prospero.ai, discussed the current state of digital currencies, emphasizing that: “Typically, you have some reasonable bull and bear cases for anything.”
“For example, we track COIN through BTC, profiting from the 'Trump trades', and another stock we targeted before the election was Tesla,” he noted.
“We said it would be fully autonomous driving, and sure enough, it did revolve around good news this week. But you will see such things questioning the viability of FSD.”
“There are some bear cases being put forward,” Kailas emphasized.
“I don’t think BTC will see a bear case in the next four years, so that always creates an environment for more major players to join the fold as it dazzles them.”