Bitcoin Hits $99,000, Indicating Growing Institutional Engagement and Investors’ Confidence

Bitcoin ($BTC) has recently gained a wide-level attention with its surge to the notable $99K mark. At the moment, Bitcoin is changing hands at $99,000.5, showing a notable 2.63% price jump over the past twenty-four hours.  The remarkable price rise highlights the increasing institutional interest in the Bitcoin ecosystem along with a growing investor confidence.

$BTC Nears $99K with Volume Up by 44.7% and Market Cap Nearing $2T.

The latest market data reveals that the trading volume of Bitcoin has seen a significant 44.73% increase over the past twenty-four hours. With this appreciation, the 24-hour has reached above $46B, suggesting the potential move to achieving exclusive price hikes in the near future. In addition to this, Bitcoin accounts for a $1.96T in terms of market capitalization. Simultaneously, Bitcoin’s fully diluted valuation has also jumped to $2.07T.

At present, out of maximum Bitcoin supply of almost 21M $BTC, up to 19.86M $BTC is in circulation. Hence, scarcity is again emerging as a key force in the price upswing of the asset. In this respect, several believe the current limited supply to be an attention-grabbing factor. Especially, it attracts those who privately intend to have a hedge against rising inflation or diversify their investment portfolio. Now, the market onlookers are keenly observing Bitcoin’s price movement as it is nearing the psychological level of $100,000.

Reaching Psychological $100K Level Could Lead to Further Price Hikes

Many analysts view the $100K mark as a key resistance level that could trigger further gains. On the other hand, many think the current price zone is a noteworthy profit-taking area. Overall, the current upward price trajectory of Bitcoin is making waves across the cryptocurrency market. Moreover, amid the latest developments like Ethereum’s Pectra upgrade , Bitcoin ($BTC) is continuously maintaining its key position with the inclusion of more and more institutional capital.