Bitcoin hit a fresh all-time high of $107,756 on Monday, according to CoinMarketCap, and is now pushing toward $108,000 after a brief dip to the $106,000 range. Currently trading at $107,345, Bitcoin’s momentum suggests there could be more gains on the horizon.
This price surge highlights growing interest in Bitcoin as a mainstream financial asset. A mix of factors, including institutional investments, increased ETF inflows, and concerns about global financial risks, has driven the recent rally. Rumors for Bitcoin to be use as a reserve asset in the U.S. and other countries are also getting stronger.
ETF Inflows Fueling Bitcoin’s Rise
Spot Bitcoin exchange-traded funds (ETFs) have played a big role in pushing Bitcoin’s price higher. According to SoSoValue, the week ending December 13 saw $2.17 billion flow into these ETFs. These investments show how institutional demand for Bitcoin continues to grow, giving it stronger support as a financial asset.
Bitcoin as a Hedge
Ongoing concerns about inflation and geopolitical instability have also led investors to Bitcoin. Many view it as a “hedge,” meaning it can protect against risks tied to traditional currencies or the stock market. At the same time, the adoption of blockchain technology is helping Bitcoin move beyond its image as just a speculative asset.
Market analyst Willy Woo pointed to Bitcoin’s rising demand, saying, “More than $3 billion per day has entered the Bitcoin network over the past 30 days,” highlighting the strong appetite among investors, both big and small, to accumulate Bitcoin.
The last 30 days has seen more than 3 BILLION DOLLARS per day entering the #Bitcoin network. pic.twitter.com/2ZqovhA9WL
— Willy Woo (@woonomic) December 16, 2024
How High Could Bitcoin Go?
Some analysts believe this is just the beginning of Bitcoin’s upward move. Popular crypto analyst Michaël van de Poppe thinks Bitcoin could climb to $500,000 during this cycle. He shared his thoughts on social media platform X, saying:
“The rainbow chart shows the following:
• The last cycle should have gone way higher (it didn’t reach the extreme phase).
• If time passes and this cycle is longer for Bitcoin, the price increases automatically.”
The rainbow chart shows the following:
The last cycle should have gone way higher (it didn’t reach the extreme phase).
– If time passes and this cycle is longer for #Bitcoin, the price increases automatically.
Expect it to reach $500K this cycle. pic.twitter.com/rVyhSNpesi
— Michaël van de Poppe (@CryptoMichNL) December 14, 2024
Keep following us at HowToBuyBitcoin.org as we bring you the latest updates on Bitcoin all-time highs as they come.