Bitcoin overcame $118,000

The first cryptocurrency has once again overcome its historical maximum, reaching $118,661 in the BTC/USDT trading pair. Over the past day, the bitcoin exchange rate has increased by 6.29%, and since the beginning of the year, its value has increased by 26.56%. The market capitalization of this digital asset has reached $2.39 billion. The total valuation of the entire crypto market was $3.75 trillion, indicating an increase of 2.4% over the past 24 hours.

The acceleration of bitcoin's growth is due to the active interest from institutional investors. For several days in a row, stable capital inflows reaching $1 billion per day were recorded in American exchange-traded crypto funds (ETFs).

When significant amounts of funds are received into spot ETFs, management companies are required to issue new shares and purchase the appropriate amount of bitcoins to secure them. Such a mechanism stimulates additional demand for cryptocurrency. The total assets under management of these funds, including the fund from BlackRock, is approaching $144 billion.