Bitcoin has been on a roll lately. It hit an all-time high just last week, and it’s no surprise why – significant retail demand from large investors in addition to strong network activity has pushed up prices for this cryptocurrency over the past few months!
Bitcoin reached a new high of $68,500 on Monday for the first time in its history. It’s an incredible accomplishment that has never been achieved before by any other coin or cryptocurrency!
Bitcoin is breaking records left right and center this year, with the number of institutional investors doubling since last month. The coin reached new heights in October when it attracted $6 billion worth of investments for just one day!
This phenomenal success comes at a time where crypto markets have experienced some volatility due to stricter regulations from governments around the world including China which shut down all exchanges back on September 4th – but fears not because BTC will always find its way into people’s wallets regardless through investment products or direct trading between users online.
During the last 8 weeks, inflows into Bitcoin investment products have reached at least $2.8 billion – and it’s only getting started!
Bitcoin’s market cap is now over $1.3 trillion, and it didn’t even start this year! In January of 2021 when you had a crypto asset with nearly 500 billion dollars in value – Bitcoin was worth less than 60% as much at only about 180%. This means that despite starting from such humble beginnings, by mid-August bitcoin has already increased more than 300%, wowing traders around the world who are investing heavily into cryptocurrency right now so they don’t miss out on all its potential growth ahead.
With Bitcoin currently being rated among one of the world’s most valuable financial assets, it is no wonder why people are investing heavily into this new technology. And there’s never been a better time than now.
in its weekly digital asset fund flows report, CoinShares mentions in part, “Digital asset investment products saw inflows totaling US$174m last week, marking the 12th consecutive week of inflows. This brings year-to-date inflows to US$8.9bn, significantly greater than the US$6.7bn seen in 2020. Total assets under management (AUM) have also reached a new all-time high of US$80bn. Bitcoin saw inflows totaling US$95m last week representing the largest inflows of all digital assets. Inflows in this 8-week bull-run now total US$2.8bn with year-to-date inflows now at a record US$6.4bn.”
Bitcoin Against Altcoins
The crypto market is booming! For the first time ever, it has crossed $3 trillion in capitalization. This may be an indication that more people are beginning to invest into cryptocurrencies and blockchain technology which could lead us on some interesting paths as they continue developing new products like decentralized apps (DApps) for instance – imagine smart contracts executed through cryptocurrency instead of fiat currency.
Bitcoin continued to dominate this year, but many of its competitors recorded record price levels and market dominance. This week saw a major shift in the crypto world as institutional investors started considering altcoins for portfolio diversification – Solana and Ethereum have been making waves with their record price levels last week. As a result, institutional investors are starting to consider the merits of adding these currencies into portfolios for diversification purposes – making them attractive investments in today’s suddenly ever-changing markets.
CoinShares adds, “Altcoins remain popular with markable inflows from Polkadot, Solana, and Cardano totaling US$9.6m, US$8.5m and US$5m, respectively. Polkadot inflows last week represent the largest weekly on record. Tron, a digital platform focused primarily on hosting entertainment applications, has seen inflows totaling US$79m over the last 7 weeks making it the 8th largest by AuM.”